Some folks may have wondered why the Titans of Mavericks event didn’t run last Thursday,

And then the lawsuits: Back in October, they were sued by Body Glove. In November, Cartel (who represents Titans' founder Griffin Guess’s wife Marissa Miller) lost a million-dollar lawsuit against sunless tanning company Glissin. And last Friday, Cartel were sued by Red Bull Media House (who were contracted to provide live streaming of the contest,) for breach of contact. And now the double bankruptcy. Cartel also owes $280,000 to Fox Sports in another disputed claim, according to the bankruptcy filing. In all, 49 creditors were listed with liabilities of between $1 million and $10 million.Cartel issued a press release today, saying the bankruptcy filing was “intended to preserve value and accommodate an orderly going-concern sale of its business operations,” and goes on to say: “Since 2014, up to $3 million has gone into developing the brand and staging the annual event. The Chapter 11 filings by Titans of Mavericks and Cartel Management represent the culmination of a strategy designed to implement a sale of the assets and intellectual property of the companies to afford a buyer certain protections available only in bankruptcy. Titans of Mavericks intends for such a sale to ensure a smooth and swift transition of the business and operations. ‘The brand has seen explosive growth since its creation,’ said Griffin Guess, Titans of Mavericks founder. ‘The process will allow Titans of Mavericks to reach new heights in the right hands. It is time for a larger organization to gain from all of our hard work.'”“New heights in the right hands?” Anyone? Anyone?We called WSL Big Wave Tour Commissioner Peter Mel. “We’ve always been interested in that event, and that hasn’t changed,” he said. “It was surprising; we want the best for all the competitors. They want to see an event happen and it’s sad it’s not going to happen.”A San Mateo County Harbor commissioner, Sabrina Brennan, told NBC Bay Area she wasn't surprised by the bankruptcy filing and predicted "there will not be a contest this year.""I'm disappointed, and a lot of other people in the surfing community, surfers and fans, will be as well," Brennan said. "This was the first year that Mavericks was going to feature a women's heat. That opportunity is gone for now. A lot of surfers, men and women, worked very hard to get ready for this contest. It's a real letdown to hear about these financial problems."Mav's regular and event invitee Colin Dwyer adds: "It's a disappointment for sure, but not the end of the world. If anything, not having a contest cuts the crowd down. I'm definitely bummed we didn't get a contest -- mostly because on contest day it's six guys in the bowl instead of 60."Dwyer continues: "I'm sure there's people out there preparing their bid for the permit right now. My message to anyone that wants to run an event here would be: invite local surfers, involve the local community as much as possible, pick the best day of the winter, and get the best judges possible. All the glitz and glamour Hollywood-style fluff isn't necessary to the surfing community; we just want good waves and a place to drink beer and eat after. [Laughs.]"++++++Want breaking surf news, fresh videos, fullscreen photo galleries and more delivered straight to your inbox? Sign up for the Surfline weekly newsletter