Jade Presents Seeks Return of $216,000 in Bankruptcy Case

Fargo entertainment company Jade Presents is asking a federal bankruptcy court to recover at least 216-thousand dollars paid through a merchant cash-advance agreement.

The company’s attorney filed a complaint against New York-based Unique Funding Solutions. Court documents say Jade Presents received 150-thousand dollars upfront last July in exchange for future revenue, then paid back at least 216-thousand dollars over about six-and-a-half months.

The complaint alleges Jade Presents was insolvent when the agreement was made and did not receive reasonably equivalent value. It also claims the agreement was misrepresented and did not disclose an interest rate.

Jade Presents filed for Chapter 11 bankruptcy protection in June, listing about 393-thousand dollars in assets and nearly 2-point-9-million dollars in liabilities. The court has not ruled on the company’s recovery request.