Saturday, December 18, 2010

Majority shareholder of now-defunct AVP gets a sweet deal

by Unknown at 6:28 PM

The majority shareholder of the now-defunct AVP has purchased the sandy skeleton of the once-proud beach volleyball tour at a bankruptcy auction for $3.8M in cash and debt forgiveness -- relative chump change for total ownership of the premiere US pro beach volleyball tour. When the AVP served its last ball of 2010, it had $184,000 in assets and $4.97M in debt.

RJSM Partners LLC now owns the whole shebang: assets like the AVP name, intellectual property, domain name, gear, furniture and probably cases and cases of leftover Gatorade and Fiji Water.

Maybe it was RJSM's shrewd plan all along to acquire the AVP by stringing it along with some cash, letting it die, and knowing they could get it for a song. Then again, what are you really buying? A bunch of gear, some balls, some signs, a domain name and a business model that is anything but lucrative.

How they earn a return on their money waits to be seen with the AVP's supposed return in 2011.