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.