The companies that manage California’s most famous big wave surfing competition plan to auction the event’s business-related assets next month as part of ongoing bankruptcy proceedings, the Los Angeles Times reported yesterday. The one-day, invitation-only contest draws elite surfers from around the world to Mavericks, a rocky reef break just south of San Francisco, to ride some of the biggest, steepest waves in the Americas. The event, which is owned and governed by a separate organization whose board includes surfers and businesspeople, has been held nine times since 1998 but was canceled this year because of financial troubles. Titans of Mavericks and its affiliate Cartel Management Inc., which filed for chapter 11 protections in late January, have scheduled the public sale for 10 a.m., June ,1 in Los Angeles. Minimum opening bids of $1 million are required. Participants must be deemed financially qualified and willing to make a $50,000 deposit by May 25. Titans officials say they have a list of 71 interested parties. The chapter 11 filing allows Cartel and Titans to develop a reorganization plan to keep their operations going while paying off creditors over time. Cartel faces about $1.9 million in claims and Titans of Mavericks more than $776,335 in claims from their top 20 creditors.
