PARAMOUNT CENTER FOR THE ARTS UPDATE - For information concerning events at the Paramount Theatre in Peekskill, visit the following website: www.paramounthudsonvalley.com
November 19, 2012
Paramount Trustees Hope to Make Way for Management of Theater by New Entity;
Board Thanks Supporters & Pledges Smooth Transition;
Peekskill, NY – The Paramount Board of Trustees has moved to dissolve the Paramount Center for the Arts Inc., which, when completed, could clear the way for a new entity to manage and operate the historic theater, according to the board’s legal counsel, Dorf & Nelson LLP, who submitted a plan of dissolution to the State Supreme Court of New York on Friday.
Given the current situation facing the Paramount and recognizing its fiduciary responsibilities, this legal filing was considered the best option available to the Paramount Board in order to responsibly address the organizations liabilities and ultimately allow for the City to move forward on finding a new operator for the Paramount Theater as quickly as possible. At a meeting held October 25th, the Trustees voted to dissolve the 30 year old non-profit corporation. At a subsequent meeting held last Thursday, the Board approved the Plan of Dissolution which has now been submitted to the New York State Supreme Court. This option, while suggesting possible remedies for ticket holders, allows for all outstanding issues to be resolved under the supervision of the Court. After considering the limited options available and meeting with the New York State Attorney General’s Office, the Board determined this action was the best solution for all interested parties.
The cessation of operations at the Paramount was caused by an overall decline in the economy, a precipitous drop in private, government and grant donations and increased expenses, according to the filing.
“The Board of Trustees and the dedicated staff did everything humanly possible to keep the marquee lit and the theater operational amid immense financial challenges. The Board wants to thank them, our sponsors, supporters, patrons and the community-at-large for their support of this most important institution over the last 30 years and for their understanding during this transition. This amazing performance venue should never be taken for granted in the future. Admire it, enjoy it, but most importantly, support it. As we have done throughout this process, we remain committed to helping the City reopen the Paramount as soon as possible,” said Paramount Board President, Vincent C. Vesce.
Interested parties, including the city, were being notified today by mail.
October 11th, 2012
The Paramount raffle, originally scheduled to be drawn on December 22 , 2012 was ended on October 11, 2012. The winners were drawn at the Hudson Valley Gateway Chamber of Commerce Office. They are as follows:
1st Prize – “NPN”
2nd Prize - Ron Miele
3rd Prize – John Mucciolo
4th Prize – Ron Mermer ( Gift Certificate honored by Tarry Town Music Hall )