Creditors of the bankrupt Sports Museum of America will have to wait until June 15th to get a hearing before the trustee after the first such meeting was adjourned last week when the attorney for the museum didn’t show up. National Sports Museum Management LLC filed for Chapter 7 bankruptcy on March 13 in New York.
The New York Liberty Development Corp., a subsidiary of the Empire State Development Corp., sold $52 million of tax-exempt bonds and $5 million of taxable bonds in 2006. According to bankruptcy documents, the for-profit museum has $177.1 million of liabilities, but only has assets worth $55.6 million.
A hearing is scheduled for Wednesday concerning the disposition of artifacts and memorabilia lent to the museum. The trustee asked the court for fees starting at $250 for the cost of storing, cataloguing and insuring items, drawing the ire of some people and organizations that want their property returned.
