The Alliance of American Football has a message for anyone to whom the league owes money: Don’t waste your time trying to get it.
Via Danial Kaplan of SportsBusiness Journal, the AAF’s parent company, Legendary Field Exhibitions, admitted in a Tuesday bankruptcy county filing that creditors shouldn’t bother to submit claims.
“No property appears to be available to pay creditors,” the filing said, according to Kaplan. “Therefore, please do not file a proof of claim now. If it later appears that assets are available to pay creditors, the clerk will send you another notice telling you that you may file a proof of claim and stating the deadline.”
The AAF owes more than $48 million. Seven claims, totaling $1.24 million, have been filed to date.
Of course, the creditors may not take “we have no money” for an answer. They make target others with the financial wherewithal to pay all of sum of the debts incurred, potentially under the argument that misrepresentations were made about the viability of the operation.