Local paper WauwatosaNOW is reporting that the Rosebud Cinema Drafthouse will be sold at sheriff's sale on May 7, 2012, and that Anchor Bank, which holds the loan on the Rosebud and its sister theater, the Times Cinema in Milwaukee, will likely win the bid:

"It's likely but not an absolute certainty that Anchor Bank will win the bid," said Russell Long, Anchor Bank's attorney from Milwaukee firm Davis & Kuelthau. Long estimated that the sale will take three to four weeks to complete.

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June, then, appears to be the starting point for what property ownership and management say is a necessary cleanup and renovation as well as bringing aboard new theater management.

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The article identifies former Rosebud/Times owner Jay Hollis as the most likely candidate for running the theater if/when it re-opens. Time will tell what the future of these two theaters is, and local moviegoers looking for something different than the multiplex experience are going to have to hold on a little longer before they know the theaters' fate.