Playhouse averts foreclosure
I have to give the Playhouse staff credit, they raised the money needed to prevent a scheduled foreclosure auction. They raised more than $470,000 to pay off one of their major financial burdens.
They paid off a major loan, including interest and other fees like court costs, etc.
The employees have been paid and most past due utility bills. Great job!
They paid off a major loan, including interest and other fees like court costs, etc.
The employees have been paid and most past due utility bills. Great job!
posted by Tom Falco at 11:29 PM
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7 Comments:
I'm so glad! Lucky us and congratulations to all those who I'm sure worked hard for this! I am delighted.
Speaking as a former employee, I can tell you that none of the staff has been paid severance/vacation. I am owed in excess of $5,000 and have not even had the courtesy of an update.
I to am a former employee and owed severence and vacation pay. We should take a strong look at who we are congratulating. It would be nice if the board and Michael Springs office would give the 20 something employees who were left without jobs etc. and who were loyal to the last show an update and a final pay check would be a considerate gesture, as the last show would not have happened if it wasn't for the LOYAL staff.
I work at another professional theater in Miami; saving a peripheral property that has nothing to do with producing theater isn't much to celebrate. I know many former employees who are still owed money; not only the accrued vacation time and severance, but reimbursments for purchases made on behalf of the Grove.
And the bad news is this; once they pay off all the debt, they won't be able to start putting on plays.
The building is structurally unsound, and the roof leaks - BADLY. If all they do is fix the roof, clean up the ruined carpet, draperies, seating and other water damage, you're into a couple of million dollars - and the building is still structurally unsound due to the spalling of the steel inside the concrete walls..
Frankly, the only way you'll see plays on that spot is after they tear the theater down and put up a new one.
I believe a correction is in order. To my knowledge, none of the employees has been paid.
And, not to look a gift horse in the mouth, but the fact that the majority of the money came from a local developer definitely raised red flags in my mind.
What is the story with all those board members? When will we see one or four doing the perp walk? How could they allow the Playhouse to go so in debt?
Who was in charge? Mittleman left town yet?
The absurd reality is that the SAME idiots who drove the Playhouse into the ditch (Shelly Spivack, Vince Post, Jorge Lopez, etc.) are now leading the "rescue" effort. Kind of like OJ's search for the "real killers."
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