“Pennsylvania Academy of Music, bank cut deal on building Academy will stay; $11M debt dropped” reports:
“The Pennsylvania Academy of Music has decided to be a debt-free tenant, not a debt-ridden owner. PAM, which defaulted this fall on $11.1 million in loans from Union National Community Bank, has signed the building over to the bank. In return, the bank has canceled a sheriff’s sale of the property, forgiven the loans and rented the landmark back to PAM for one year.”
WATCHDOG: This is thorough and informative article. NewsLanc chose to allow the Lancaster Newspapers to have first opportunity to report the arrangement which was finalized virtually on Christmas Eve since publisher Robert Field, as the adviser to the Business Committee, was involved in the negotiations. Art Mann, Chair of the Business Committee, was the “good guy, Field, the“bad guy.”
NewsLanc will comment in coming days but, for now, two wags of the tail for the Intell for getting the story correct and to the Steinman family foundation for their extremely constructive role in dealing with the crisis.
