5 replies to this topic

[dancemed]

Does anyone know if Kaatsbaan is in financial trouble?  I've read that it has narrowly averted several foreclosures over the last few years, but declaring bankruptcy is serious stuff.  It would be sad to lose another arts institution to lack of funds.

[Mel Johnson]

Can you provide any citation or links to materials published elsewhere that testify to the foreclosures and most particularly to the bankruptcy filing?  If not, then we have to consider the matter a rumor.

[dancemed]

Mel Johnson, on Apr 20 2008, 08:29 PM, said:

Can you provide any citation or links to materials published elsewhere that testify to the foreclosures and most particularly to the bankruptcy filing?  If not, then we have to consider the matter a rumor.

The website:wwwdebtconsolidationpodcast.com lists "Brave new world for nonprofit bankruptcy."  When you click on that, an article about Kaatzbaan is posted in the Poughkeepsie Journal.

[cubanmiamiboy]

Mel Johnson, on Apr 20 2008, 08:29 PM, said:

Can you provide any citation or links to materials published elsewhere that testify to the foreclosures and most particularly to the bankruptcy filing?  If not, then we have to consider the matter a rumor.

The website:wwwdebtconsolidationpodcast.com lists "Brave new world for nonprofit bankruptcy."  When you click on that, an article about Kaatzbaan is posted in the Poughkeepsie Journal.

For some reason i can't open the link of the Poughkeepsie Journal, but here's another link with wome information on the isssue.

"... Kaatsbaan has, for the last year, been working on a plan that would allow the center to pay off all the current guarantors as well as the facility's mortgage, which is held by Key Bank. "I can't discuss the plan because details are still awaiting approval of some of the team," Cary said. "It's something that will be presented to Peckham in the very near future, and hopefully it will give them the confidence to give Kaatsbaan some time to put this plan into action."

http://www.zwire.com...6...G=461&rfi=9

[Mel Johnson]

Funny, I get the Journal and don't recall anything as drastic as bankruptcy!  

There have been several articles disputing the size of the tract, and the numerous backouts of guarantors since 9-11, but nothing so drastic as actual bankruptcy filing.  It must be an upstate thing, this foreclosure business.  Everybody up here's getting bitten.

[cubanmiamiboy]

Mel Johnson, on Apr 21 2008, 11:27 AM, said:

It must be an upstate thing, this foreclosure business.  Everybody up here's getting bitten.

    Well, down here is getting out of proportions as well...