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Art Theater Bankruptcy Trustee Granted Extension for Appraisal

Submitted by jcarman@abi.org on

A federal judge is giving the trustee assigned to the bankruptcy of the Art Film Foundation an extension to appraise the downtown theater’s assets, The News-Gazette (Champaign, Ill.) reported. Chief Bankruptcy Judge Mary P. Gorman granted more time to trustee Kristin Wilson, who has hired an appraiser. David Kraft, owner of the property at 126 W. Church St., is seeking more than $9,900 in unpaid rent he says the theater owes him, plus 15 percent of rent for the six years left on the lease. In a motion, Kraft's lawyer said that would amount to about $60,000. Another hearing is scheduled for February if the parties are unable to reach an agreement. The Art Theater closed abruptly in late October and filed for bankruptcy on Nov. 5. A Nov. 19 filing showed that the foundation reported assets estimated at $40,444 and liabilities estimated at $41,575. Creditors with unsecured claims included a number of film distributors and generally were owed between $250 and $2,672.