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This topic comprises 4 pages: 1 2 3 4
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Author
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Topic: Senator Theatre heading for foreclosure
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Stephen Furley
Film God
Posts: 3059
From: Coulsdon, Croydon, England
Registered: May 2002
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posted 02-20-2007 03:52 PM
quote: Steve Guttag
They are about $13K away from their goal as of about 3:00am today...so they have about another 12 hours to get the $13K...I think they will certainly do that based on how the money has been coming in.
They are up to just slightly under $102k now, 21:20 GMT, 16:20 EST; one way or the other, it's going to be very close.
quote: Steve Guttag
The question remains...does this just put off the same thing in a years time or less?
If they can get past the immediate deadline, then I think they could make a success of it; whether they do or not is another matter. I hope the do. He has done some unwise things in he past, allowing the overdue amount on his loan to build up to over $100k, for example. He may need some professional business management/financial advise. He's going to have to find ways to increase revenue, or reduce costs, or both. There are all sorts of things he could look at; maybe he's got some unused space that he could let out to somebody for offices, for example. He really needs about $150k now, to pay off the $109k which is now due, and to keep the bank off his back for another couple of months while he tries to sort things out.
quote: Steve Guttag
I really hope the Senator survives and I too contributed to the "cause" but I really think they need to build the two additional screens as planned quite some time ago (they would be new structures and not cut into the Senator itself. They already own the land.
It's all very well to say that they need the extra screens, but how is he going to pay for them? He's already struggling to pay off his existing debt, after five years most of the $1.2m is probably still outstanding, early on most of the repayments on a loan tend to be taken up by the interest, and the outstanding capital sum only reduces slowly. On top of this, according to the original newspaper article, he has another loan which he has not repaid. He has a bad record against him. Under these circumstances it would be difficult to borrow the capital necessary for expansion. Even if he could manage to do so, how is he going to pay the cost of the extra borrowing, when he is having difficulty paying off the existing loans? He would be paying interest on the new loan for at least several months before receiving any income from the new screens. Those extra screens may be useful, but I just don't see how he could build them at the moment. I think he's going to have to pay off a significant part of his existing debt from the operation of the theatre as it stands before he can take on any more borrowing.
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It wouldn't be a big deal if parents would immediately leave the auditorium to calm them down, but in this day and age I see very little good and respectful parenting going on.
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