August Wilson Center going into receivership (Pittsburgh: loan, home, bankrupt)

[UKyank]

So those funds are just to cover the debt owed - where are the operating funds going to come from since this proposal doesn't include any viable business model to turn around the failed opetation. I expect the coffers of 'other people's money' to be opened up a long time to fund this mess until we're right back to where we are now.

[CFP]

Originally Posted by robrobrob

This is a huge assumption.

say a developer is interested in a building for a hotel
he hires an engineer and maybe an architect, makes a bunch of spreadsheets.
the studies and his own time say adds up to $50K

then for whatever reason the deal doesn't happen
no hotel chain is interested, the numbers don't cash flow, the building needs too much work, etc.

in 99 out of 100 cases that $50K is written off, it's gone, it's a cost of being a developer

so why in this instance does the developer get anything, let alone $360K?

[CFP]

Originally Posted by UKyank

So those funds are just to cover the debt owed - where are the operating funds going to come from since this proposal doesn't include any viable business model to turn around the failed opetation. I expect the coffers of 'other people's money' to be opened up a long time to fund this mess until we're right back to where we are now.

more like 'other peoples' money' going into other peoples' pockets

it's safe to say of the $42 million poured into this boondoggle,
at least $5-$10 million of it wound up in peoples' pockets

that all the august wilson center is and has ever been, a giant scam to line the pockets of connected insiders,
and if you criticize, question or investigate it you're branded a racist
it's quite clever and diabolical if you think about it

[UKyank]

My favorite, looking the center's Form 990 filing is that the operation was generating about $40,000 less in revenue then just what they were paying the officers & directors (and said paid personal were listed as working 37.5 hours a week). I need such a job where I can bring in $70/hr for apparently not doing much of anything.

[CFP]

Originally Posted by UKyank

My favorite, looking the center's Form 990 filing is that the operation was generating about $40,000 less in revenue then just what they were paying the officers & directors (and said paid personal were listed as working 37.5 hours a week). I need such a job where I can bring in $70/hr for apparently not doing much of anything.

this thing was likely designed from its inception to be a vehicle for plundering

but who cares about local corruption and deceit - it's a baseball night in pittsburgh!

it's fitting that our baseball team is called the pirates...

"Piracy is typically an act of robbery or criminal violence at sea. The term can include acts committed on land, in the air, or in other major bodies of water or on a shore. "

Jolly Roger - Wikipedia, the free encyclopedia

[Der Schwabe]

Originally Posted by CFP

more like 'other peoples' money' going into other peoples' pockets

Welcome to the new economy!

[CFP]

Originally Posted by Der Schwabe

Welcome to the new economy!

there doesn't seem to be much outrage here
but there sure is in the comments section of the p-g article

[CFP]

thank god for this breaking news

August Wilson Center appears headed for sheriff's sale

August Wilson Center appears headed for sheriff's sale - Pittsburgh Post-Gazette

"Three local foundations had been prepared to buy the building for $8.49 million, but that deal was threatened this week by an appeal to state Superior Court filed by International Investigative Services, a Bethel Park security firm that was owed $211,711 by the August Wilson Center. It wants a lien to be placed against the property."

[Copanut]

I question how many people in this area even know who he is, let alone been to any of his plays. I've seen just about all of them. Just saw 7 Guitars at Carnegie Mellon a few weeks ago. If you're looking for great entertainment for a low price, that's the ticket, literally. But as always, it's old guys like me with the white haired women, a smattering of college kids, and as always more African-Americans on stage than in the audience. How anyone could have thought that a single purpose facility dedicated to one playwright could be sustained is beyond me. I was skeptical when they built the Warhol, proved wrong there. But at least that place hosts other events by other artists. The only time I was there was to see the DC Comics exhibit. (I don't know art, but I know what I like.)

Sure seems like it was doomed from the start. The best solution I thought was building a hotel above it to earn revenue, guess that was too logical and not enough people got their palms greased.

[Enough_Already]

Originally Posted by Copanut

I question how many people in this area even know who he is, let alone been to any of his plays. I've seen just about all of them. Just saw 7 Guitars at Carnegie Mellon a few weeks ago. If you're looking for great entertainment for a low price, that's the ticket, literally. But as always, it's old guys like me with the white haired women, a smattering of college kids, and as always more African-Americans on stage than in the audience. How anyone could have thought that a single purpose facility dedicated to one playwright could be sustained is beyond me. I was skeptical when they built the Warhol, proved wrong there. But at least that place hosts other events by other artists. The only time I was there was to see the DC Comics exhibit. (I don't know art, but I know what I like.)

Sure seems like it was doomed from the start. The best solution I thought was building a hotel above it to earn revenue, guess that was too logical and not enough people got their palms greased.

One small correction, it is named after him but it is not about him or his work. Just read the name after the August Wilson name. That is what it is about.

Even with that comment, it does seem like the scope is very narrow for this area.