Friday, October 2, 2009

No dramatic rescue for the North Shore . . .

The Boston Herald reports that Citizens Bank, with a $3.6 million offer, was the top bidder in yesterday's foreclosure auction for the bankrupt North Shore Music Theatre, and so will retain control over the property, on which it holds two mortgages. No theatrical organization materialized to bid on the complex, although some still hope the bank will rent the spaces to a producer in order to recoup some part of the $4 million it is still owed.

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