Out of the Blues

Josh Wander and Steve Pasko have been removed from the board of the football division of 777 Partners after bankruptcy specialists were called in.

By Paul Brown and Philippe Auclair

If all the talk this week has been about Everton potentially having to go into administration as a result of doubts over their takeover by 777 Partners, it is actually the Miami firm itself which is fighting for its future having called in the receivers, as confirmed in an internal email signed by owners Josh Wander and Steven Pasko, which Josimar has seen, and which was shared with staff on Thursday.

Ian Ratner and Ron Glass of B. Riley Advisory Services have been brought in "to take on governance roles within our organisation". What these roles will be with 777 Partners may be inferred by their past records. Mr Ratner lists "bankruptcy advisory services" and "bankruptcy litigation" among his areas of expertise, while Mr Glass, who has also worked as a liquidating agent and a receiver, quotes "bankruptcy proceedings" and "crisis management" in his.

Another B. Riley executive, Mark Shapiro, has been called in to oversee the company’s operations as ‘interim Chief Operating Officer’. Mr Shapiro too has a wealth of experience in “restructuring” and bankruptcy proceedings .

Josimar understands that Ron Glass was onsite at the offices of 777 Partners in Miami on Friday shortly after the news of his involvement broke, and that both Wander and Pasko have already been removed from the board of the entity which runs all of their football operations. Nutmeg Acquisitions LLC, a Delaware-base...

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