Syracuse Nationals, the popular drive-thru holiday light show “Lights on the Lake,” and the annual “Taste of Syracuse” festival are at the center of a legal dispute over ownership, revealed in court proceedings Tuesday before Novel York State Supreme Court Justice Robert Antonacci. The case centers on a $1.1 million loan made in August 2025 to Galaxy Media Partners, LLC and Galaxy Events, LLC, the current operators of the three Central New York institutions, by Rasselas Trust.
According to a claim filed February 16th in the Supreme Court of Onondaga County, Galaxy Media sought the loan to address a “serious cash deficit” stemming from unrealized funding for the Syracuse Nationals matching grant and a failed land closing deal, as disclosed by Galaxy President and CEO Ed Levine in an October 2025 letter to investors. Levine, in the letter, acknowledged that while forecasting looked promising, it did not alleviate the immediate cash flow issues.
The claim alleges that $600,000 was immediately advanced to Galaxy Media in exchange for a Bill of Sale, granting Rasselas Trust the right to acquire certain Galaxy Media assets should the $1.1 million loan not be repaid. A subsequent Memorandum of Understanding (MOU) outlined a $500,000 purchase price for 50% ownership in Syracuse Nationals LLC, and “all rights under outstanding contracts, trademarks, websites, and goodwill associated with events known as Lights of the Lake and Taste of Syracuse.” Rasselas Trust advanced this $500,000 under the MOU, anticipating repayment.
The MOU stipulated a 91-day repayment period beginning October 10, 2025, and as well provided Galaxy Media with a 90-day window to reacquire the assets by securing the full $1.1 million. However, the claim states Galaxy Media failed to obtain the necessary funding to trigger this option. The claim asserts that Galaxy Events, LLC was obligated to deliver a Bill of Sale for the purchased assets, dated November 1, 2025, to be held in escrow by the trust’s attorney. Rasselas Trust was to assume full control and revenue from the assets if the transaction wasn’t completed by that date.
During Tuesday’s proceedings, Justice Antonacci denied a request from Rasselas Trust for a Temporary Restraining Order that could have halted all Galaxy Media operations, including its portfolio of radio stations – KROCK Syracuse, TK99, Sunny 102, and ESPN Radio. CNY Central News was present during the Microsoft Teams video conference and reported on the proceedings.
Justice Antonacci has scheduled a hearing for March 2nd at 10 a.m., at which time all parties are expected to present their case for litigation. Rasselas Trust is seeking monetary compensation, the amount of which will be determined at trial, and the transfer of ownership of the disputed assets. Levine, contacted by CNY Central last week regarding the claim, stated he intends to respond this week to “put all of this in perspective,” and was again contacted Tuesday for further comment.
Lights on the Lake, a 36-year tradition, is scheduled to run from November 17th to January 12th, 2026, according to LocalSYR.com. The event features over 600,000 lights across a two-mile drive-thru course.
