Michael Weist, the CEO of Good Times Entertainment, just can’t escape TanaCon.
In a press release today, Weist says that he filed for Chapter 7 bankruptcy on October 17th, noting that Good Times Entertainment will be dissolved within the next 60 days. His lawyer, Stephen Lefkovitz, tells The Verge that Weist filed for bankruptcy independently through Tennessee’s bankruptcy courts. A bankruptcy trustee has been appointed to Weist’s case, according to Lefkovitz.
This isn’t the first time that Weist has said he’s facing bankruptcy problems in light of TanaCon, a disastrous festival set up by YouTube creator Tana Mongeau scheduled to run opposite VidCon in Anaheim, California, this past summer. Despite those claims, however, Lefkovitz tells The Verge he didn’t believe Weist has ever filed before. Bankruptcy documents have not appeared in federal court filings yet.
Much of Weist’s press release addresses TanaCon, easily the most public event Good Times Entertainment held, and how much of that festival’s failure led to his own company’s problems.
“Through this, I’ve discovered that I (we) simply will never truly be able to make this right,” Weist writes. “Due to TanaCon — and the substantial loss that we value at approximately $700,000 USD — Chapter 7 Bankruptcy is clearly the only option.”
That’s the same number Weist gave Shane Dawson earlier this year in an interview for Dawson’s three-part documentary series about TanaCon. Weist told Dawson at the time that he was pursuing litigation against the Marriott Suites Hotel in Anaheim for “lying” about how many people the building could accommodate. Weist says he was told the hotel’s ballrooms and lobby could hold 4,000 people, but a press release obtained by The Verge from the Garden Grove Police Department stated the ballrooms could only hold 1,500 people.
The release also includes an update regarding ticket refunds for those who spent $65 on VIP passes. People who are still waiting on refunds (Weist doesn’t present an actual number in the press release) will have to go through Veeps, the ticketing system that Good Times Entertainment worked with, or press Mongeau, according to Weist. Veeps previously confirmed in a tweet that it would refund attendees.
“We (Good Times) have no control over refunds,” the release reads. “Veeps had advanced us around $135,000 in ticket sale earning to help cover cost for the event. This amount is owed to Veeps. This amount is included in the bankruptcy. The remaining $200,000+ in earnings remain in their control. We encourage each attendee to seek refunds from them directly if you have not received this.”
The last project Weist says Good Times Entertainment will release is a behind-the-scenes documentary about TanaCon. The documentary will reportedly include footage of the documentary in its planning stages and as it occurred. The documentary will also seemingly answer questions left unanswered in Dawson’s series.
“This film has hours of raw, unedited, and untampered with footage of what really happened with TanaCon,” Weist says. “I hope each of you watch this. It shares not only the truth, but provides a real clarity on what happened. This is my final project under Good Times Entertainment, LLC before dissolution.”
The documentary is expected to be released this week. It’s unclear if Weist plans to upload it directly to YouTube.