By John Dobberstein, Editor
Venu Holding Corp., developer of the Sunset Amphitheater under construction in Broken Arrow, said it has received subpoenas from the Oklahoma Department of Securities.
In a regulatory filing, the Colorado Springs company said the subpoenas applied to the main corporation and two of its subsidiaries — Sunset at Broken Arrow LLC and Sunset at Mustang Creek LLC.
The legal requests, received on Aug. 20, “require production of documents related to any offering of securities in the State of Oklahoma,” Venu said in its filing. “The ODS has not asserted any securities violations by the company or its subsidiaries. The company is fully cooperating with the ODS.”
Venu said it received a “subpoena duces tecum,” which requires a witness to produce documents, books, records or other evidence pertinent to a legal proceeding.
Venu confirmed Friday that it, “received an inquiry for information regarding our offerings in Oklahoma. We are cooperating and are in full compliance with our offerings,” the company said. “We are excited about our $130 million investment in Broken Arrow and cannot wait for opening night.”
The news comes as Venu sold $30 million in common stock to raise capital toward further construction and development of its amphitheaters in Broken Arrow and McKinney, Texas, along with other development efforts.
The Broken Arrow amphitheater’s construction was delayed this year after changes were made to its design to include “sound walls” that will reduce noise impacts and allow year-round shows in a portion of the facility. Venu said it submitted a revised site plan to the city in June, and it was approved.
Venu’s proposed amphitheater in Oklahoma City was approved by the city’s Planning Commission early last year but voted down months later by the City Council after local residents objected to the project. The suburbs of Yukon, Edmond and Norman also rejected proposals, and Venu told The Oklahoman in July that central Oklahoma was no longer a focus for the company.
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