Event Type: Seminar
Through the Looking Glass: The Dramatic Story behind the August Wilson Center Receivership
No one could have predicted the story that would unfold in less than five years after the celebrated opening of the August Wilson Center for African American Culture in 2009. But from the outset, the Center, named for famed Pulitzer-winning, Pittsburgh playwright August Wilson, was under-funded, over-budget and plagued by mounting financial challenges too numerous to overcome. In 2013, the Center was placed in receivership after its lender initiated foreclose proceedings. For the next 12 months, the efforts to save the Center created a media firestorm as key stakeholders--from lenders to civic leaders--worked to resolve the credit situation, and ultimately, save the beloved center that is now debt-free and embarking on a new chapter. Join us for lunch and a behind-the-scenes look at the negotiations from those directly involved, including the financial advisor, as well as counsel for both the lender and the receiver.
Reed Smith Partner Eric Schaffer, a member of the firm's Financial Industry Group, will be a featured panelist.
For more information or to register, visit Turnaround Management.