Page 10 University Daily Kansan, September 2, 1983
Bank seeks to force Opera House into foreclosure
BY SUSAN WORTMAN Staff Reporter
staff Reporter
The fate of the old Opera House on Massachusetts Street has been left banging, again.
Lawrence National Bank asked the Douglas County District Court yesterday to release the owner of the building from bankruptcy court so it could begin foreclosure proceedings, said Terry Satelite, president of the bank.
Since June 1, Skip Moon, owner of the Opera House, has been protected from a bankruptcy suit. But yesterday was the deadline set by the court for financing to be obtained for the Opera and Moon did not have the money.
"The case has been dismissed, but we still have 10 days to reinstitute it," said Michael Reinhardt.
DURING THE 10-day period, both
sides can file suits pertaining to the bankruptcy. Also, the judge has the prerogative to change his mind and extend a foreclosure date again, said.
"That is what he did before." Riling
him, he said. "I'll convince him to do until September
Riling was not sure whether he would request another extension. But, he said, if he does make the request, he is sure that he will get the date extended.
Management Alternatives Inc., an independent Topeka firm, wanted to buy the Opera House from Moon but has also wanted to raise the money to the building.
Last winter a Topeca bankruptcy judge approved the sale of the Opera House when Moon filed for bankruptcy. Management Alternatives, which speculated that the building into motel and hotel lounges, had plans to convert the building into a national
school for entertainers that would benefit Lawrence.
MANAGEMENT ALTERNATIVES tried to sell business partnerships and industrial revenue bonds to raise the necessary money.
The company wanted to sell 27 partial partnerships to raise $40,000, but only 15 percent of the money was raised.
However, Riling said, Management Alternatives is still trying to sell Robbins.
Moon is not sure what he will do next, he said.
"The bankruptcy was like an umbrella. Financial problems are like the rain and bankruptcy is the umbrella that you can open and protect yourself from the rain. Our umbrella is gone as we are getting rained on." Moon said.
"The sale of the bonds requires that the group that is selling them has to be pretty well capitalized. Management
Alternatives is small and they don't have that worth. People and security are not safe with them.
"That threw the whole thing into limbo," he said.
"All I know that I have a building and a company in bankruptcy," he said.
THE PARTNERSHIPS were all committed as of last week. They were going to be sold to a Wichita man. They were not going to did not want to buy, Moon said.
Time is running out on the project, but several people have shown some interest in buying the partnerships, Moon said.
In December, last year, the Lawrence City Commission gave permission for Management Alternatives to sell $2.17 million in industrial revenue bonds to pay for renovating the building.
Nine stay on board to reset tow lines
Helicopters rescue 43 on disabled oil rig
By United Press International
PERTH, Australia — Three helicopters hovered over stormy seas yesterday to pluck 43 men safely off a rocky island, helplessly toward treacherous reefs.
"It was pretty terrifying. We're very glad to be here," said crane driver Maurice Miles who was cut around the face and suffered broken teeth when he
crashed into the side of the rig during the rescue.
The disabled Key Biscayne, a $50 million oil rig owned by Esso, broke two tow lines as it was being pulled on a 2,100-mile trip from Darwin in northern Australia to Cockburn on the west coast.
NINE MEN OF the 52-man crew voluntarily stayed on board the Key Biscayne so they could reset the tow lines when the weather calmed.
The rig was on the point of capsizing and drifted toward dangerous reefs in 30-foot seas off Lancelin, 120 miles north of Perth, a navy spokesman said.
Attempts to land on the wallowing rig
of a bog snail scaffolded in a heavy seas
scaffolding pitched in the heaviest
Two Royal Australian Navy helicopters fought the high winds and hovered over the rig as four men at a time came aboard.
service helicopter to the rig. staged a daring landing on the rig to ferry 10 more ashore.
Miles and Bill Prace were injured when attempts to reset the tow lines failed.
Later, the Okanagan Sikorsky, a
"It was that bad trying to get the line from the rig to the tow boat that at one stage we were looking up at the twin engine boat in the new boat 30 foot above us," Miles said.
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some lucky glutton will be randomly selected to savor the "glut specialty of the week." It costs nothing to enter, simply fill out the entry form and drop it in a box at Chocolate Unlimited.
Glutton #1 will enjoy as much of Edy's delicious ice cream, at one sitting, as a glutton's heart could desire!
Announcing Ice Cream Glut Month!!
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Housing offices to expand
By the Kansan Staff
The Lawrence Housing Authority plans to remodel its administrative and maintenance offices with federal money left over from the construction of low-income housing, the director of the LIA said yesterday.
The director, Dave Murrell, said the board of commissioners of the LHA decided Tuesday night to spend $131.250 on expansion of the offices at Edgewood Homes, 1600 Haskell Ave.
Construction is expected to begin in October, according to Art Dedharn of the Housing Authority office. If the U.S. Department of Justice approves the remodeling plans, the bids will be opened for the job.
The money is part of the $354,000 left over after construction of 46 low-income housing units last year. The single-family and duplex homes spread throughout the East Lawrences and Pinekind neighborhood.
THE CASTLE TEA ROOM
Of the $354,000 left over, $170,000 must be returned to the federal government, Murrell said.
HUD gave $2.2 million to the LHA for the housing project. According to Murrell, the contractor bid for and completed the project for less than that.
In addition to the office expansion,
the board approved $17,578 for improvements on the 46 homes. The board is still considering approval of $36,000 for the purchase of office equipment.
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College of Liberal Arts & Sciences wants GRADUATE REPRESENTATIVES for the COLLEGE ASSEMBLY
Interested LA&S graduate students should complete nomination forms available at the College Graduate Division 210-1 Strong Hall.
—Self-nominations are required.
—Filing deadline----4:30 p.m. Friday, Sept. 2nd.
Election will be held Sept. 7-8 in 210-1 Strong Hall.
All LA&S graduate students are encouraged to become involved in the governance of your school.
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