777 Partners Files for Chapter 11 Bankruptcy in Texas

777 Partners filed for Chapter 11 bankruptcy in Texas on Sunday following pressure from creditors seeking involuntary liquidation. The Miami-based alternative investment firm, which previously managed more than $10 billion in assets, now faces over $2.7 billion in long-term debt and immediate claims of approximately $26 million.

Chief Operating Officer Mark Shapiro attributed the company's collapse to rising interest rates and disruptions within the sports and aviation sectors beginning in 2022. He also cited disputes regarding asset-based credit facilities. The firm intends to use the bankruptcy process to resolve ongoing creditor lawsuits and sell its remaining assets.

The filing follows a period of internal instability, including the 2024 resignation of co-founder Josh Wander. Wander is currently awaiting trial in New York on criminal fraud charges related to the use of fake invoices to inflate the firm's financial standing.