Austin Ticket Company sued for more than $1 million over alleged bad loans

The Austin Ticket Company, the Texas-based ticket brokerage already embroiled in a legal fight with RazorGator, is facing a new court challenge over alleged non-payment of commercial loans.

Texas-based investment company CSI Nadler Partners (CNP) is claiming it loaned Austin Ticket Company a total of nearly $1.1 million over a two-year period of time, which CNP said the ticketing company has not paid back according to the terms of the deal.

CNP made several separate loans to Austin Ticket Company for various amounts during the period. Those loans were rolled over and combined, which resulted in the alleged defaults of more than $1 million.

"Numerous false and fraudulent representations and promises were made, upon which Plaintiff relied in connection with Plaintiff's decision to enter into the qualified commercial loans," the lawsuit stated. "Defendants knowingly made these fraudulent representations, intending that Plaintiff rely upon them in entering into the various agreements and providing funds as the agreements specified."

Robert Nadler, CNP's owner, declined to comment on the lawsuit.

Andrew Hentrich, owner of Austin Ticket Company, told TicketNews that he has worked with Nadler over the past few years and that the two have had business disputes, but they have worked through them. He anticipates the same in relationship to this case.

"I disagree with their assertions, but I'm confident the lawyers will work this out," he said.

Part of the problem is that Hentrich allegedly defaulted on the loans as a result of his ongoing litigation with RazorGator, for which he sued the company for millions of dollars over alleged problems associated with the purchase and resale of Beijing Olympics tickets.

In that litigation, Hentrich alleges that he bought hundreds of tickets to the 2008 Summer Games on behalf of RazorGator, which RazorGator was then going to resell and split the proceeds with Hentrich 50-50. Hentrich originally claimed the company owed him hundreds of thousands of dollars, but he later amended his complaint to seek $6 million.

RazorGator has vehemently denied the claims of Hentrich's lawsuit and countersued him for alleged breach of contract.