Struggling Las Vegas entertainment firm in pact with lender
Monday, May 8, 2000 | 11:23 a.m.
On Stage Entertainment Inc. of Las Vegas said it reached a partial settlement with mortgage lender Imperial Credit Commercial Mortgage Investment Corp. of Los Angeles.
Last fall ICCMI sued On Stage, alleging the company defaulted on more than $13 million in loan payments. On Stage operates shows around the nation, including the Legends In Concert production at the Imperial Palace hotel-casino.
In December, ICCMI obtained foreclosure judgments against the company's subsidiaries Fort Liberty Inc. and King Henry's Inc. The judgments called for the sale of On Stage's King Henry's Feast in Orlando, Fla., and Fort Liberty Shopping Center in Kissimmee, Fla.; foreclosure sales were held last week for both properties.
The partial settlement announced Friday calls for a 30-day extension period during which ICCMI will forego collecting monies still owed and extend until June the foreclosure of On Stage's Legends In Concert Surfside Beach Theatre in Surfside Beach, S.C.
As part of the settlement, On Stage will continue to operate both Florida properties for an indefinite period of time, while negotiations continue with ICCMI over monies still owed.
In exchange, On Stage will receive a $9 million aggregate line of credit from ICCMI to operate the Florida and South Carolina properties.
However, company officials said there was no assurance future negotiations would successfully resolve the remaining issues. There was also no assurance ICCMI would allow On Stage to operate the theaters indefinitely, or that the lender would not pursue the monies still owed when the 30-day extension period expires on June 1.
archive
- Most Read
- Discussed
- Most E-mailed
- Ensign moves out of home on C Street
- Cada and Moon emerge as Main Event’s final two
- Fight snapshot: Reviewing “24/7 Pacquiao/Cotto,” episode 3
- Life in the Limelight: Wayne Newton
- Cities, county find buying valley homes isn’t easy
- Motorcyclist dies in Summerlin crash
- Six people share their stories of what led them to jobs at CityCenter
- Fedor Emelianenko TKOs Brett Rogers in second round
- Two injured in shooting in central valley
- Buchanan was one of the city’s truly flamboyant characters
Blogs
The Coin Bucket
Blue Man Group at half price for locals
Elsewhere
Findlay Prep's Bradley fitting in at Texas
Now and Then
I went to a hockey game and a New Mexico women's soccer match broke out (1 Comment)
Politics: The Early Line
Attention in D.C. focuses on health care proposals
Elsewhere
Fedor v. Rogers delivers solid ratings on CBS (4 Comments)
Bloggity, Bloggity, Bloggity
If you can rebuild the whole car, then why not allow an engine change? (1 Comment)
Robin Leach's Las Vegas Celebrity Watch
DWTS: Donny’s thirst for victory; Susan Boyle to make U.S. debut
Calendar »
- 9 Mon
- 10 Tue
- 11 Wed
- 12 Thu
- 13 Fri
-
Jo Dee Messina at the House of Blues
House of Blues | 7 p.m. to 10 p.m.
-
The Revival Tour at Beauty Bar
Beauty Bar | 9 p.m. to 11:59 p.m.
-
DJ Tina T at Prive
Prive | 10 p.m. to 11:59 p.m.
-
The Automatic Tour at The Square Apple
The Square Apple
The Sun
Locally owned and independent for more than 50 years.
Technorati








