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|Home: BigScreen Journal - Franklin, WI: Bank Petitions for Receiver for Showtime Cinema to Sell Property|
The Business Journal of Greater Milwaukee is reporting today that the bank that holds the loan on the Showtime Cinema in Franklin, Wisconsin has petitioned the courts for a receiver for the property in an effort to sell it:
The theater, owned by Franklin Cinemas LLC, is in default on a $6.5 million loan made in 2005, according to the lawsuit filed by Green Bay-based Associated. A group is interested in buying the theater for more than $4.8 million, the filing said.
Showtime, located at 8910 S. 102nd St., is one of a handful of independently owned theaters in the Milwaukee area. It has 12 screens and opened in 2003.
The potential buyer would continue to operate the theater, but the owners of Franklin Cinemas are deadlocked over how to proceed, court documents said.
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