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Fort Worth's Historic Ridglea Theater Files Bankruptcy to Ward off Foreclosure

Posted By admin || 9-Aug-2009

According to an article in the Star-Telegram , the owner of Fort Worth's historic Ridglea Theater filed for bankruptcy this week in an effort to stop foreclosure on the property.

The article said:

"The R.K. Maulsby Family Trust filed for Chapter 11 protection Thursday, stating that its debts are $1 million to $10 million. The Fort Worth school district, the only creditor to file a response so far, says it's owed $31,416, according to documents filed in court."

Although the Maulsby Trust has owned the property for the past 18 years, it has faced foreclosure a total of four times in the past two years. That's two foreclosure threats a year and more proof that this foreclosure crisis is now affecting city/state cultural sites as well as ordinary homeowners. As unemployment rises and foreclosures grow, affecting large swathes of cities, many commercial and cultural institutions are feeling the financial pinch. With no work, no income, no savings and eventually no home due to foreclosure, many citizens are unable to support local businesses and unfortunately it is the artistic institutions that are hit the hardest.

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