Instead of a dramatic rescue by another theater — the scenario that some fans had hoped for — the winning bid was submitted by a grim-faced bank vice president in a suit and tie.
Citizens Bank bid $3.6 million, allowing the bank to retain control of the property and try to find another way to recoup the $4 million it is owed on two mortgages. The next highest bid was $3.5 million, by an unidentified bidder.
Citizens Bank Vice President Gavin Taylor, who bid on behalf of the bank, said he's "not sure" what will happen to the property. He declined further comment.
Friday, October 02, 2009
NSMT Property Auction - Bank Holds On
From the Salem News: