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Largely @jgault13 and @dpyoung13 have done a good job covering this and getting an interview with Citius today was nice on LetsRun - but there are some significantly overlooked details in the creditors list that go way beyond just "bad cash flow." The most embarrassing part for Citius was effectively on the payroll for ~$270k while one of its equity holders sat dead center in a circular economy - working as a league exec while owning a stake in the media company billing the league - all while presiding over a burn rate that’s completely indefensible. Spending 3mm on production and 500k in total fees on a single athlete for a product that generates niche gate revenue is insanely stupid. I am stunned at the level of incompetence. But most importantly, there is discussion that the investors pumped in "eight figures" in the fall of this year. Judging by the filings, that's not a commitment to GST, it was a strategic trap. By injecting the cash late and almost certainly structuring it as secured debt, Winners Alliance and Robert Smith likely jumped to the front of the line and secured a first position lien. So, whatever value is left in a Section 363 sale or Chapter 7 (which is where this is heading if a 363 sale can't be done) will repay themselves first while leaving all of the athletes with absolutely nothing. Also - the filing lists the top 20 creditors that are NOT insiders. We have yet to see the filing with MJ or other related entities and/or other execs. If the company's governance allowed someone to sit inside of a circular economy like the Citius arrangement, I have little to no doubt that there will be other conflicts of interests hidden in those documents. The whole operation was run like a clown show. Over $1.5M (plus the money Citius was being paid) was paid to PR/marketing consultants. You could've run ads on IG in Kingston and offered tickets for $5 with some 18 year old kid running the ads and gotten more fans than 4,000 or whatever they had. My own little tiny track meet gets 1,000 fans out there with zero ad spend. How on earth do you spend $1.5mm on all of these firms and you get nothing out of it? I don't care whether or not Citius got paid - the sport is small and insular, there aren't a million opportunities to make money and promote the sport. The lack of disclosures is whatever - the FTC is doing little to nothing about it because it has no way to enforce the scale of the problem. What's really troubling is that track and field was promised an operation run by smart people - and every single person involved turned out to be a bonafide idiot.