What actually happened at Arena
According to the liquidators, from Kroll, Arena’s owner Richard Yeowart ran a scheme built on switched serial numbers: genuine identifying marks on the company’s broadcast equipment were swapped for fake ones, which let the same physical assets be offered up as security to lender after lender. A related company, Sentinel Broadcast, allegedly acted as the go-between – buying equipment from Arena that, in most instances, simply wasn’t there, borrowing against it from asset-based lenders, and funnelling the money back to Arena while keeping a small slice for itself.
