Paramount Board Votes To Dissolve Management Group

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The Paramount board of trustees has voted to dissolve its management group. Photo Credit: Art Cusano

PEEKSKILL, N.Y. - The Paramount board of trustees has announced it will dissolve the Paramount Center for the Arts Inc., which could clear the way for a new entity to manage and operate the historic theater,

The board's legal counsel, Dorf & Nelson LLP, submitted a plan of dissolution Friday to the State Supreme Court of New York.

 "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,” said Paramount Board President, Vincent Vesce in a statement released Tuesday. “The board wants to thank them, our sponsors, supporters, patrons and the community-at-large for their support of this most important institution over the last 30 years and for their understanding during this transition. This amazing performance venue should never be taken for granted in the future. Admire it, enjoy it, but most importantly, support it. As we have done throughout this process, we remain committed to helping the city reopen the Paramount as soon as possible."

The Paramount shut its doors Oct. 3 due to financial troubles, and the city of Peekskill is seeking new management for the venerable city venue.

The legal filing was considered the best option available to the board in order to responsibly address the organization’s liabilities and ultimately allow for the city to move forward on finding a new operator for the Paramount Theater as quickly as possible, according to the release.

At an Oct. 25 meeting, trustees voted to dissolve the 30-year-old, non-profit corporation. At a subsequent meeting Thursday, the board approved the plan of dissolution submitted to the court. This option suggests possible remedies for ticket holders and allows all outstanding issues to be resolved under the supervision of the court.

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Putnam 1955:

Just what you'd expect from this crew: blame the community for not "supporting" the Paramount. Meanwhile what happened to the millions of dollars that were poured in courtesy of the taxpayers of Peekskill and the surrounding communities? Is there going to be an audit by the Comptroller's Office similar to the one that was done on the BID, and if not, why not? The business owners and stakeholders have a right to know how our money was mismanaged and why nobody from generations of politicians of both parties could ever get things under control. Nobody questioned Mr. Vesce or his board when the theater remained dark for months during the prime holiday season when people from all over were looking for a place to go. Nobody seemed to notice that there were never any decorations unless the BID paid for them and that the front of the building looked unkempt most of the time. And don't get me started on the street lighting that was promised for over 10 years for Brown St. yet to this day has never been installed. Of course nobody is going to take responsibility- that's just the Peekskill way.

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