777 Partners co-founders resign their positions

Josh Wander and Steve Pasko, co-founders of 777 Partners, have stepped down from their positions as managing partners of the beleaguered firm, as reported by Josimar journalist, Philippe Auclair.

The duo were driving the Miami-based investment company’s proposed takeover of Everton FC which they hoped to add to the global stable of football clubs they controlled through 777 Football Group, under the umbrella of Nutmeg Acquisitions, LLC.

However, after 777’s budget Australian airline Bonza went into voluntary administration, a key source of funds in the form of A-CAP began pulling back after reinsurance subsidiary 777 Re had its credit rating downgraded, and the firm was sued in a New York district court amid allegations of massive fraud, B. Riley Advisory Services, whose expertise are in bankruptcy advice and litigation, were brought in last week to restructure the company.

Ian Ratner and Ron Glass of B. Riley have now been appointed as managers of 777 Partners LLC and sibling company 666 Partners LLC respectively while Don Dransfield, formerly of City Group, is overseeing 777’s depleted football operations.