Central New York’s Galaxy Media sought emergency financing in 2025 to “stay in business,” according to a newly filed lawsuit, and now that short-term cash infusion is at the center of a dispute that could cost the radio operator control of two of its signature events.
In a complaint filed February 16 in Onondaga County Supreme Court, The Rasselas Trust, acting through trustee James H. Messenger, Jr., alleges that Galaxy Media Partners LLC and Galaxy Events LLC failed to transfer ownership and operational control of Lights on the Lake and Taste of Syracuse after missing repayment deadlines tied to a $1.1 million financing arrangement.
According to the filing, Galaxy owner Ed Levine approached the Trust about a loan “needed to keep Galaxy afloat.” The parties then negotiated a structure that combined debt financing with a conditional asset transfer.
Under the agreement, $600,000 was advanced pursuant to a promissory note dated October 17, 2025, and an additional $500,000 was paid in exchange for a bill of sale tied to certain assets. The memorandum of understanding, executed October 10, set a November 1 “Target Date” to close on a broader acquisition.
The complaint states that if the parties failed to close by November 1 or within 91 days of October 10, 2025, the Trust would be entitled to “full control” of the Purchased Assets, defined as a 50% ownership interest in Syracuse Nationals LLC and all rights under contracts, trademarks, websites, and goodwill associated with Lights on the Lake, Taste of Syracuse, and other related events, along with all revenues derived from those assets after the Target Date.
The filing further notes that if a definitive purchase agreement was not executed within 15 days of the MOU, the MOU itself would serve as a sufficient basis to close the transaction.
According to the Trust, no definitive agreement was finalized, and Galaxy did not repay the $1.1 million within the required timeframe. Although the MOU gave Galaxy a 90-day window to secure outside funding to reacquire the assets, the complaint alleges that Galaxy “never obtained the requisite funding.”
The complaint states that Galaxy identified two NBT Bank accounts to hold funds associated with the event properties. The combined balance of those accounts was $308,966.79 as of November 30, 2025 and later increased to approximately $500,000 in early 2026, according to the filing. The Trust alleges that Levine improperly transferred funds for his own benefit or for Galaxy Media rather than for Galaxy Events operating expenses, in breach of the MOU. Galaxy operates 13 stations in Syracuse and Utica.
On January 18, the Trust issued a formal demand for immediate transfer of the Purchased Assets. The complaint alleges Galaxy refused.
The filing also reveals that in December, Galaxy terminated CFO Mike Lucarelli.
The lawsuit asserts four causes of action: breach of contract, conversion of post–November 1 revenues, a request for an equitable accounting, and a declaratory judgment that the Trust is the rightful owner of the Purchased Assets and entitled to all revenues derived from them on or after November 1, 2025.
The Trust is also seeking damages to be determined at trial, plus interest, costs, and attorneys’ fees where permitted.
