Metropolitan Mortgage & Securities files to sell historic theater

By Jeff Pines

Washington, Aug. 26 - Metropolitan Mortgage & Securities Inc. asked the U.S. Bankruptcy Court for the Eastern District of Washington Thursday to approve procedures for it to sell the historic Metropolitan Performing Arts Center in Spokane, Wash. for $808,000.

Metropolitan bought the theater in 1986 from SRO Theaters for about $450,000. To refurbish the theater, which is listed on the National Register of Historic Places, cost the bankrupt company $750,000 and it costs the company $10,000 to $12,000 per month to run the theater.

Mitchell and Cindy Silver have agreed to buy the theater for $808,000 as is.

Bankruptcy law requires an auction for the property and Metropolitan Mortgage & Securities wants the Silvers to get $10,000 in due diligence fees if another bidder wins the auction.

The company wants competing bids to start at $818,000. Subsequent bidding will be in $5,000 increments.

Metropolitan Mortgage & Securities filed for bankruptcy on Feb. 4, 2004. Its Chapter 11 case number is 04-00757.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.