Galaxy Media, operator of thirteen stations in Syracuse and Utica NY, is being sued by a lender for defaulting on a $1.1 million loan.
The Syracuse Post-Standard reports that The Rasselas Trust entered into a short-term loan with Galaxy last August with the company putting up its 100% stake in Taste of Syracuse, 50% of the Syracuse Nationals, and all revenues generated from the two events if they failed to pay the loan back in 91 days.
The loan was due to be paid back on January 15 with the suit also alleging that Galaxy Media owner Ed Levine withdrew $500,000 from two Galaxy Events bank accounts in violation of the their memorandum of understanding. The withdrawals were made either for his own benefit or for the Galaxy Media business.
