A foreclosure auction of Baltimore's beleaguered Senator Theatre has been set for 10 a.m. April 20 at the Baltimore City Courthouse, 111 N. Calvert St.
Baltimore's 1st Mariner bank, which holds a mortgage of some $900,000 on the 70-year-old North Baltimore landmark, announced earlier this month that it would be foreclosing on the theater, after owner Tom Kiefaber had missed several months of scheduled payments. Kiefaber closed the theater March 15, saying he could no longer meet payroll.
C. Larry Hofmeister Jr., an attorney representing 1st Mariner, confirmed that the auction would be called off if the loan is made current.
Sean Brescia, a local manager and concert promoter who has been working with Kiefaber, said the Senator owner is considering filing for Chapter 11 bankruptcy protection. Such a filing would forestall foreclosure by putting the Senator's finances under court control.
"We won't hesitate to go the Chapter 11 route, if that is where we need to go," he said.
Both Kiefaber and the trust hope to find either a non-profit capable of operating the Senator in the black, or a private investor willing to buy the theater and keep it operating, most likely as a cultural center.
Foreclosure auction for Senator Theatre set for April 20
We've upgraded our reader commenting system. Learn more about the new features.
The Baltimore Sun encourages civil dialogue related to our stories; you must register and log-in to our site in order to participate. We reserve the right to remove any user and to delete comments that violate our Terms of Service. By commenting, you agree to these terms. Please flag inappropriate comments.