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Inside The Collapse Of Yale Entertainment: Creditors Out Over $50 Million Following Failed Attempt At Restructuring
Yale Entertainment has gone bankrupt, leaving creditors out $50 million after a failed restructuring. A look at what went wrong and what's next.
Amid its downward spiral against the backdrop of an industry downturn and challenging economic environment, Yale has come under intense scrutiny, both from creditors and one-time employees, with various sources making allegations of financial mismanagement and deceptive fundraising practices. Explained Gilbert: “I’ve worked in TV production for a while now, and there was just a lot of basic things that should have been handled a long time before, that I was still sort of cleaning up in the aftermath — contracts that didn’t get signed, tax incentive documentation that needed to go to our CPA. “Internal operations employees (including me) fielded angry emails and phone calls from people they’d burned and we raised concerns and sounded alarms on all of this for months and years on end — the Jordans’ continued primary response was essentially, “the money’s coming, just tell them to wait” — followed by silence.” A secondary source corroborated this depiction of events.
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