Relativity Creditor Asks Court to Liquidate Struggling Studio’s Assets

According to the complaint filed by Relativity Secured Lender, an entity controlled by Chicago investor Joseph Nicholas, and JGJ Equity Holdings, Ryan Kavanaugh’s independent studio has not lived up to its end of the deal it struck last year as part of its bankruptcy proceedings.

[...] several material defaults have occurred under the Plan.

In the complaint, RSL alleges that it has not received any payments tied to its junior secured convertible debt obligations, which were intended to provide financing to help Relativity exit bankruptcy.