Re: “Crunch time for saving the Convention Center”
Bankruptcy is the only way to break the iron-clad “agreements” which created this mess in the first place.
Chapter 9 would most likely lead to a court-ordered restructuring which would provide some serious relief for the Convention Center and substantial benefits for taxpayers
Why confront and solve the problem, PSP and the one-sided agreements delivered for their benefit by Stevens & Lee, when you can raise the taxes on the [countywide] hotels?
If bankruptcy is in the best interests of Lancaster County taxpayers; then l say….let it happen. To continue down the current path, just for the sake of PSP; is not only foolish, but a disgrace to hard-working taxpayers, who derive little if any economic benefit from the Convention Center / Marriott Hotel.
If it requires bankruptcy to bring about a restructuring of the original one-sided agreements, so be it. PSP can either do the honorable thing now; by restructuring those one-sided agreements into a more equitable agreement; o, they can pursue a more selfish line and ‘pay the price’ that is forced upon them.
Let’s see where their integrity lies.