“The blame is solely with LionHeart. Other vendors were ready to proceed,” said Three Rivers Regatta board member Charles Scholz at the festival cancellation announcement on Aug. 1.
Now, according to WPXI reporter Aaron Martin, LionHeart is filling for bankruptcy. In a tweet with a photo of the company's federal bankruptcy filing, Martin reported that LionHeart between $500,000 and $1 million in liabilities.
CONFIRMED: The company hired to organize and run the Three Rivers Regatta has filed for bankruptcy, claiming in court documents to have $500,001-$1 million in liabilities. LionHeart Event Group is now being criminally investigated for its handling of the cancelled event pic.twitter.com/FayIKYASFw— Aaron Martin (@WPXIAaronMartin)
TribLive reported today that LionHeart had less than $50,000 in assets. WPXI reported in August that LionHeart still owed Allegheny County $32,000 for event security.
Officials blamed the cancellation on LionHeart's failure to acquire the insurance for the regatta vendors. Sholz told City Paper in August that the Regatta board was considering adopting policies to safeguard against future last-minute cancellations.
In addition to failing acquire insurance, Pittsburgh Mayor Bill Peduto said in August that LionHeart failed to make necessary payments to the Pittsburgh Police in 2019 and 2018.
This year was the first time since 1978 that Pittsburgh did not host the Three Rivers Regatta.