Planet 13 Announces Significant Recovery of Funds Related to El Capitan
Planet 13 Holdings (OTCQX:PLNH) has announced a significant recovery of funds related to the El Capitan case. The company has secured a settlement of US$2.1 million from BridgeBank/Western Alliance Bank (WAB), bringing the total WAB fund recovery to US$5.5 million.
Additionally, through a subsidiary, Planet 13 will acquire real estate valued at approximately US$5.0 million, which it plans to sell. The total recovery amounts to US$10.5 million. The company continues its lawsuit against El Capitan Advisors and its CEO Andrew Nash, seeking approximately US$10.3 million in additional compensatory damages.
The case stems from El Capitan's misappropriation of Planet 13's funds while providing cash management services. A special-purpose receiver has been appointed to investigate and trace the stolen funds. El Capitan and Nash have not responded to the lawsuit, resulting in a default entry against them.
Planet 13 Holdings (OTCQX:PLNH) ha annunciato un recupero significativo di fondi relativi al caso El Capitan. L'azienda ha ottenuto un accordo di 2,1 milioni di dollari USA da BridgeBank/Western Alliance Bank (WAB), portando il totale del recupero dei fondi WAB a 5,5 milioni di dollari USA.
Inoltre, tramite una controllata, Planet 13 acquisirà immobili del valore di circa 5,0 milioni di dollari USA, che intende vendere. Il recupero totale ammonta a 10,5 milioni di dollari USA. L'azienda continua la sua causa contro El Capitan Advisors e il suo CEO Andrew Nash, cercando circa 10,3 milioni di dollari USA in danni compensativi aggiuntivi.
Il caso deriva dall'appropriazione indebita dei fondi di Planet 13 da parte di El Capitan durante la fornitura di servizi di gestione della liquidità. È stato nominato un curatore speciale per indagare e rintracciare i fondi rubati. El Capitan e Nash non hanno risposto alla causa, risultando in un'entrata di default contro di loro.
Planet 13 Holdings (OTCQX:PLNH) ha anunciado una recuperación significativa de fondos relacionados con el caso El Capitan. La empresa ha asegurado un acuerdo de 2,1 millones de dólares EE. UU. con BridgeBank/Western Alliance Bank (WAB), llevando la recuperación total de fondos WAB a 5,5 millones de dólares EE. UU..
Además, a través de una subsidiaria, Planet 13 adquirirá bienes raíces valorados en aproximadamente 5,0 millones de dólares EE. UU., que planea vender. La recuperación total asciende a 10,5 millones de dólares EE. UU.. La empresa continúa su demanda contra El Capitan Advisors y su CEO Andrew Nash, buscando aproximadamente 10,3 millones de dólares EE. UU. en daños compensatorios adicionales.
El caso surge de la apropiación indebida de fondos de Planet 13 por parte de El Capitan mientras proporcionaba servicios de gestión de efectivo. Se ha nombrado a un receptor especial para investigar y rastrear los fondos robados. El Capitan y Nash no han respondido a la demanda, resultando en una entrada de default en su contra.
Planet 13 Holdings (OTCQX:PLNH)는 El Capitan 사건과 관련된 자금 회수에 대한 중요한 발표를 하였습니다. 이 회사는 BridgeBank/Western Alliance Bank (WAB)로부터 210만 달러의 합의를 확보하였으며, WAB 자금 회수 총액은 550만 달러에 이릅니다.
또한, 자회사를 통해 Planet 13은 약 500만 달러의 가치가 있는 부동산을 인수할 예정이며, 이를 판매할 계획입니다. 총 회수액은 1050만 달러에 달합니다. 이 회사는 El Capitan Advisors와 CEO Andrew Nash를 상대로 약 1030만 달러의 추가 보상 손해를 청구하는 소송을 계속 진행하고 있습니다.
이 사건은 El Capitan이 현금 관리 서비스를 제공하는 동안 Planet 13의 자금을 부당하게 사용한 것에서 비롯됩니다. 도난당한 자금을 조사하고 추적하기 위해 특별 수탁자가 임명되었습니다. El Capitan과 Nash는 소송에 응답하지 않아 그들에 대한 기본 판결이 내려졌습니다.
Planet 13 Holdings (OTCQX:PLNH) a annoncé une récupération significative de fonds liés à l'affaire El Capitan. L'entreprise a obtenu un règlement de 2,1 millions de dollars US de la part de BridgeBank/Western Alliance Bank (WAB), portant la récupération totale des fonds WAB à 5,5 millions de dollars US.
De plus, par l'intermédiaire d'une filiale, Planet 13 acquerra des biens immobiliers d'une valeur d'environ 5,0 millions de dollars US, qu'elle prévoit de vendre. Le montant total récupéré s'élève à 10,5 millions de dollars US. L'entreprise poursuit sa poursuite contre El Capitan Advisors et son PDG Andrew Nash, demandant environ 10,3 millions de dollars US en dommages-intérêts compensatoires supplémentaires.
L'affaire découle de l'appropriation des fonds de Planet 13 par El Capitan lors de la fourniture de services de gestion de trésorerie. Un séquestre spécial a été nommé pour enquêter et retracer les fonds volés. El Capitan et Nash n'ont pas répondu à la poursuite, entraînant une entrée par défaut contre eux.
Planet 13 Holdings (OTCQX:PLNH) hat eine bedeutende Rückgewinnung von Geldern im Zusammenhang mit dem Fall El Capitan angekündigt. Das Unternehmen hat eine Einigung über 2,1 Millionen US-Dollar mit BridgeBank/Western Alliance Bank (WAB) erzielt, wodurch die gesamte Rückgewinnung der WAB-Fonds auf 5,5 Millionen US-Dollar ansteigt.
Zusätzlich wird Planet 13 über eine Tochtergesellschaft Immobilien im Wert von etwa 5,0 Millionen US-Dollar erwerben, die es verkaufen möchte. Die Gesamtrückgewinnung beläuft sich auf 10,5 Millionen US-Dollar. Das Unternehmen führt seine Klage gegen El Capitan Advisors und dessen CEO Andrew Nash fort und fordert etwa 10,3 Millionen US-Dollar an zusätzlichen Schadensersatzansprüchen.
Der Fall stammt von der Unterschlagung von Geldern von Planet 13 durch El Capitan, während sie Cash-Management-Dienstleistungen bereitstellten. Ein Sonderbeauftragter wurde ernannt, um die gestohlenen Gelder zu untersuchen und zurückzuverfolgen. El Capitan und Nash haben auf die Klage nicht reagiert, was zu einem Default-Eintrag gegen sie geführt hat.
- Recovered US$10.5 million in total assets
- Secured US$2.1 million settlement from WAB
- Acquiring real estate worth US$5.0 million
- Default judgment obtained against El Capitan and Nash
- US$10.3 million still pending recovery
- Uncertainty about additional fund recovery from El Capitan/Nash
- Legal proceedings ongoing with associated costs
LAS VEGAS, March 03, 2025 (GLOBE NEWSWIRE) -- Planet 13 Holdings Inc. (CSE:PLTH)(OTCQX:PLNH) ("Planet 13" or the "Company"), a leading vertically-integrated multi-state cannabis company, today announced a settlement and recovery of US
This settlement does not conclude the Company’s lawsuit against El Capitan Advisors, Inc. ("El Capitan") and its founder and Chief Executive Officer, Andrew Nash, in which it is seeking approximately US
Planet 13 also provides the following comprehensive update.
As previously disclosed, the Company engaged El Capitan, an investment advisor registered with the Securities and Exchange Commission, for cash management services in 2021. The funds managed by El Capitan were held at WAB. Pursuant to a dispute unrelated to the Company, Casa Verde Capital, L.P. and Casa Verde Capital EF, L.P. (collectively "Casa Verde") obtained a US
In January 2024, the Company also initiated litigation in Santa Monica, California, to obtain the return of the approximately US
On February 28, 2025, the Company secured a settlement with Casa Verde for the remaining approximately US
The settlement will not end the Company’s lawsuit against El Capitan and Andrew Nash seeking approximately US
At this time, the Company is not able to predict what, if any, action may be taken by law enforcement or other regulatory authorities or what, if any, proceeds will be available to recover from El Capitan and/or Andrew Nash. The Company will continue to vigorously pursue its rights to reclaim the funds that it entrusted to El Capitan and will continue to pursue recovery of its funds and additional compensation through all legally available means, including as appropriate, through cooperation with law enforcement and/or initiation of further litigation.
The Company engaged legal counsel to conduct an internal investigation with respect to these matters, which has been completed, but as set forth above, the Company continues to pursue additional information regarding the location of the Company’s assets and/or available means of recovery. Given the ongoing nature of the claims and the actions taken by the defendants, the Company may be limited in what information it can disclose following this announcement.
About Planet 13
Planet 13 (https://planet13.com) is a vertically integrated cannabis company, with award-winning cultivation, production and dispensary operations across its locations in California, Nevada, Illinois, and Florida. Home to the nation's largest dispensary, located just off The Strip in Las Vegas, Planet 13 continues to expand its footprint with the recent debut of its first consumption lounge in Las Vegas, DAZED!, the opening of its first Illinois dispensary in Waukegan, bringing unparalleled cannabis experiences to the Chicago metro area. Planet 13 operates 30 dispensaries across Florida, a key market in its expansive footprint, bringing its total to 34 locations nationwide. Planet 13's mission is to build a recognizable global brand known for world-class dispensary operations and innovative cannabis products. Licensed cannabis activity is legal in the states Planet 13 operates in but remains illegal under U.S. federal law. Planet 13's shares trade on the Canadian Securities Exchange (CSE) under the symbol PLTH and are quoted on the OTCQX under the symbol PLNH. To learn more, visit planet13.com and follow Planet 13 on X @ShopPlanet13 and on Instagram @planet13official_.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are often, but not always, identified by phrases such "plans", "expects", "proposed", "may", "could", "would", "intends", "anticipates", or "believes", or variations of such words and phrases. In this news release, forward-looking statements relate to the settlement, the value of Real Property, ongoing legal action and potential outcomes and statements regarding the Company pursuing recovery of its funds through all available legal means. Such forward-looking statements reflect what management of the Company believes, or believed at the time, to be reasonable assumptions and accordingly readers are cautioned not to place undue reliance upon such forward-looking statements and that actual results may vary from such forward-looking statements. These assumptions, risks and uncertainties which may cause actual results to differ include, among others, those assumptions, risks and uncertainties discussed under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and any of the Company's subsequent periodic reports filed with the U.S. Securities and Exchange Commission at www.sec.gov and on SEDAR+ at www.sedarplus.ca. Forward-looking statements contained herein are made only as to the date of this press release and we assume no obligation to update or revise any forward-looking statements should they change, except as required by law. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
For further inquiries, please contact:
Planet 13 Investors:
Robert Groesbeck or Larry Scheffler
Co-Chief Executive Officers
ir@planet13lasvegas.com
LodeRock Advisors Inc., Planet 13 Investor Relations
mark.kuindersma@loderockadvisors.com
725-331-7650 ext. 105210
Planet 13 Media:
Colin Trethewey / PRmediaNow Communications
Colin@PRmediaNow.com
FAQ
How much money has Planet 13 (PLNH) recovered in the El Capitan settlement as of March 2025?
What additional compensation is Planet 13 (PLNH) seeking from El Capitan and Andrew Nash?
What happened to Planet 13's (PLNH) funds at Western Alliance Bank in September 2023?
What legal actions has Planet 13 (PLNH) taken to recover its misappropriated funds?
