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garystiffelman.com

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Investments

3

Portfolio Exits

1

About Gary Stiffelman

Gary Stiffelman is a partner at the Los Angeles entertainment law firm of Ziffren Brittenham LLP, which also serves as an advisor to Fanzy.

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Latest Gary Stiffelman News

Troubled Coachella Hotel Project Files Bankruptcy Amid Lawsuit

Feb 16, 2021

Feb 16 2021, 8:57 PM February 16 2021, 7:59 PM February 16 2021, 8:57 PM (Bloomberg) -- The owner of a lavish hotel development near the site of Coachella, the famous California music festival, has filed for bankruptcy after lawsuits and delays stymied its plans. (Bloomberg) -- The owner of a lavish hotel development near the site of Coachella, the famous California music festival , has filed for bankruptcy after lawsuits and delays stymied its plans. Glenroy Coachella LLC, which owns the Hotel Indigo development, sought Chapter 11 protection in Los Angeles on Monday, according to a bankruptcy petition. The entity listed assets of $50 million to $100 million and liabilities of $10 million to $50 million. The bankruptcy filing comes after Stuart Rubin, manager of the project, faced a lawsuit from his business partner, Gary Stiffelman, for $50 million amid allegations of “incompetence and fraud,” according to the Palm Springs Desert Sun . The lawsuit alleged that the development spent two separate budgets of $25 million. Lawyers for Stiffelman didn’t immediately respond to a request for comment. Hotel Indigo, a division of InterContinental Hotels Group Plc, doesn’t list the Coachella location among its current properties . Construction on the project began in early 2017 under the guidance of Rubin’s son, Joseph, and was met with delays almost immediately, according to the Stiffelman lawsuit. The project was supposed to be completed in time for the 2018 edition of the Coachella Valley Music and Arts Festival, according to the lawsuit. Hotel Indigo Coachella was billed as a luxe, 35-acre resort close to the festival grounds, complete with a DJ stage, catwalk, 10,000-square-foot (3,049 square meter) pool, casitas and 250 guest rooms, according to a 2018 article from the Los Angeles Times. The Glenroy Coachella project is the latest in a string of hospitality-related restructurings, following bankruptcy filings from the Wardman Park Hotel in Washington, D.C., and two boutique hotels in Brooklyn . Covid-19 has been devastating for the lodging sector with travel halted and hotel rooms sitting empty, and a full recovery not expected until 2023. The case is Glenroy Coachella LLC, 11188-BB, U.S. Bankruptcy Court, Central District of California (Los Angeles). To view the docket on Bloomberg Law, click here . ©2021 Bloomberg L.P.

Gary Stiffelman Investments

3 Investments

Gary Stiffelman has made 3 investments. Their latest investment was in GoCoin as part of their Seed VC on November 11, 2013.

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Gary Stiffelman Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

11/7/2013

Seed VC

GoCoin

$0.55M

Yes

5

10/2/2013

Series A

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$99M

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10

2/22/2012

Seed

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$99M

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0

Date

11/7/2013

10/2/2013

2/22/2012

Round

Seed VC

Series A

Seed

Company

GoCoin

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Amount

$0.55M

$99M

$99M

New?

Yes

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Co-Investors

Sources

5

10

0

Gary Stiffelman Portfolio Exits

1 Portfolio Exit

Gary Stiffelman has 1 portfolio exit. Their latest portfolio exit was GoCoin on June 10, 2015.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

6/10/2015

Merger

$99M

2

Date

6/10/2015

Exit

Merger

Companies

Valuation

$99M

Acquirer

Sources

2

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