UPDATEDx3: Ridglea Theater in Fort Worth faces foreclosure

Updated 01:07 p.m., August 4, 2009

by PegNews wire

FORT WORTH — UPDATE: Despite rumors that the Ridglea Theater is closing, the people who lease the building and run the theater say they're not going anywhere. Wesley Hathaway and Richard Van Zandt, the two who pay rent to the owner of the Ridglea, say the owner has defaulted on payments, but that they still have three more years left on their lease.

They hope the theater will be sold to a new owner who will keep the Ridglea open.

Or here's another one of Hathaway's suggestions: "I think the dream situation would be for all the bands to get together and buy the theater for the community! Of course that will not happen but wouldn't it be LOVELY if it were possible! Then even when we are long gone, maybe it would still be here for everyone to enjoy!"

This is the fourth time in two years that Fort Worth's Ridglea Theater is facing foreclosure. Dallas lender FixFunding loaned $1.1 million to the owners of the property to pay their note to a California bank, according to the Fort Worth Star-Telegram.

If something monumental doesn't happen, and quick, the property could be sold at an August 4 auction.

UPDATE 2: "This time, he really hopes to sell the building," Hathaway said. "We shall see."

UPDATE 3: The owner of the Ridglea, the R.K. Maulsby Family Trust, has filed for Chapter 11 bankruptcy protection, putting off foreclosure for now.

Posted by Sarah