CEO Morning Brief

Miss America Operator Files for Bankruptcy

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Publish date: Fri, 29 Nov 2024, 08:52 PM
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TheEdge CEO Morning Brief

(Nov 28): The company that runs the Miss America beauty pageant filed for bankruptcy following a legal dispute over its ownership.

Miss America Competition LLC sought protection from creditors on Friday and said on Tuesday that it owes some US$4 million (RM17.77 million). The latest filing was a response to a former manager that said the bankruptcy was in “bad faith”, claiming the company isn’t facing dire financial distress.

The female beauty contest, launched over a century ago, has struggled to reinvent itself for a post-feminist age that has chipped away at its cultural relevance.

But the court case appears to stem from a dispute between the current owner, Glenn Straub, and former chief executive officer Robin Fleming, who is laying claims to the pageant as well, court filings show. Straub’s company, in turn has accused Fleming of refusing to turn over financial information and relinquish operational control.

The competition is still on, with the 2025 pageant scheduled to start at the end of next month. The court has said that the company could continue to operate its businesses while the procedings play out.

The case is Miss America Competition, LLC, 24-22288, in the United States Bankruptcy Court Southern District Of Florida (West Palm Beach Division).

Uploaded by Liza Shireen Koshy

Source: TheEdge - 29 Nov 2024

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