National Museum of American Jewish History Comes Out of Bankruptcy #usa #announcements


Jan Meisels Allen
 

 

 

The National Museum of American Jewish History in Philadelphia, PA will come out of bankruptcy in the coming weeks after a former trustee stepped in to buy the museum building and lease it back for a nominal monthly rent of $1,000.  Mitchell Morgan, a local real estate CEO,  will pay the museum about $10 million for its downtown property as part of a plan approved by a federal judge on Wednesday. The plan also settles a debt with bondholders, including Morgan, who agreed to accept $14 million less than what they were owed.

 

It was reported that the deal allows the museum to buy its building back after 42 months for the $10.1 million sale price plus 4%.

 

The Museum filed for bankruptcy protection in March 2020 because it could not afford the debt from the construction of its new building, which opened on Independence Mall in 2010. Then the pandemic hit, and with filing for bankruptcy it became ineligible for federal relief under the Paycheck Protection Plan.

 

See:  https://www.jta.org/2021/09/03/united-states/national-museum-of-american-jewish-history-emerges-from-bankruptcy

 

 

Jan Meisels Allen

Chairperson, IAJGS Public Records Access Monitoring Committee