FEG´s bankruptcy

Fighting and Entertainment Group (FEG), the parent company of K-1, has officially declared bankruptcy. FEG director Sadaharu Tanikawa issued the following statement.

This is Sadaharu Tanikawa. As I already announced last April, trademark right of K-1 has been transferred to K-1 Global Holdings / EMCOM and I resigned the position of K-1’s event producer. Today I need to inform you another important fact.

I received a notice of a petition for bankruptcy of FEG from Tokyo district court in April 10th. This lawsuit was made by Golden Glory / Knockout Investment. The team leader Bas Boon, who had outstanding money from FEG occurred at K-1 WGP FIANL 2010 and Dynamite 2010, applied an application for the bankruptcy.

K-1’s right has been transferred to EMCOM but most of the debt was left to FEG. I had been trying to pay off the debt but after becoming bankrupt, there are no ways left to carry it on. I was working with people who Boon and EMCOM brought to pay off the debt but Boon changed his mind and suddenly pushed us to bankruptcy. This was surprising to me and I didn’t understand why he had to do that. Somehow he needed to make that action for some reasons.

After appearing 2 times in court, the district court delivered us a judgment of bankruptcy. An official receiver was designated and bankruptcy proceeding has already started. In the next procedure, assets and debt are officially adjusted and then reported to creditors. I truly apologize to all creditors. I will submit all property I possess. I will sacrifice all my life to compensate for this.

After the judgment was delivered, I spoke to Mr. Boon. He was saying like “I have no grudge against you, Tanikawa. I know you have been working hard to protect K-1. I know you have no money left on you. But I just have another purpose that I had to make this action and have FEG become bankrupt”. I’m not on the position for blaming Mr. Boon. So I think I should not make any statements on this. I only would like to apologize to all the people who have supported K-1 for long time. I once promise to make up to the people in the rest of my life. This is my last message on this website. I wish new K-1 best. Once again, I appreciate all the big support you have ever given to us.

May 16, 2012
Former representative director
Sadaharu Tanikawa