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Paramount Center for the Arts to dissolve, seek new management
The Paramount Center for the Arts' board of trustees filed plans Friday to dissolve the nonprofit organization, with the hope of finding new management for the historic Peekskill theater, according to a statement issued this afternoon by the board's legal counsel.
The theater has been dark since it suspended operations Oct. 4, less than three weeks after its Sept. 15 red-carpet gala trying to raise $300,000 for the cash-strapped venue, and exactly one month after the Sept. 4 reopening of The Capitol Theatre in Port Chester.
After the board voted at an Oct. 25 meeting to dissolve the nonprofit group, board members Thursday approved a plan of dissolution that Dorf & Nelson LLP submitted Friday to the New York Supreme Court, according to the news release.
"Given the current situation facing the Paramount and recognizing its fiduciary responsibilities, this legal filing was considered the best option available to the Paramount board in order to responsibly address the organization's liabilities and ultimately allow for the City [of Peekskill] to move forward on finding a new operator for the Paramount Theater as quickly as possible," reads part of Dorf & Nelson's release.
In recent weeks, members of the Tarrytown Music Hall staff have expressed interest in helping the Paramount resume operations.
The board blamed the Paramount's suspended operations on “an overall decline in the economy, a precipitous drop in private, government and grant donations and increased expenses,” according to the law firm.
"The board of trustees and the dedicated staff did everything humanly possible to keep the marquee lit and the theater operational amid immense financial challenges,” Vincent C. Vesce, the Paramount board president, was credited as saying in the statement.
When do you think the Paramount will reopen — if you think it will reopen at all? Vote in the poll below and let us know what you miss most about the Paramount in the comments.