The quest to salvage any assets from the failed founder of a Chesterfield sports complex came up dry.
The trustee in the Chapter 7 bankruptcy of SportsQuest LLC threw in the towel and on Wednesday asked to relinquish the eight-month-old case after he was unable to locate any money or property that could be paid to the fallen company’s creditors, who are owed a combined $7.3 million.
That all but puts the final nail in the coffin for SportsQuest, which had been conceived by founder Steve Burton as a massive organization that sought to become an Olympic-caliber training facility with its own brand of sports from soccer to speed skating.
Glen Allen attorney Sherman Lubman had been appointed trustee of the case after it was filed in August.
Its filing showed assets of only $800 cash, a Dell computer, two printers, a fax machine, a calculator and millions in debt. Left hanging were more than 50 creditors, including contractors, investors, vendors and former SportsQuest employees.
The bankruptcy case from here will be dismissed for lack of assets.
“By abandoning the estate and closing the case, the trustee has apparently concluded that the company has no unencumbered assets of significance or claims to be made,” said David Spiro, an attorney with Hirschler Fleischer representing SportsQuest LLC.
SportsQuest’s main assets were 120 acres and 12 turf fields. Those were foreclosed on last May by turf manufacturer Shaw Sportexe, which was owed about $15 million by SportsQuest.
Sportexe has since rebranded the complex as River City Sportsplex.