Metropolitan Mortgage & Securities gets approval to sell historic theater

By Jeff Pines

Washington, Oct. 28 - Metropolitan Mortgage & Securities Inc. can sell the historic Metropolitan Theater in Spokane, Wash., to Mitchell and Cindy Silver for $808,000 as is.

The order was filed with the U.S. Bankruptcy Court for the Eastern District of Washington Wednesday.

Metropolitan bought the theater in 1986 from SRO Theaters for about $450,000. To refurbish the theater, which is listed on the National Register of Historic Places, cost the bankrupt company $750,000, and it costs the company $10,000 to $12,000 per month to run the theater.

Metropolitan Mortgage & Securities filed for bankruptcy on Feb. 4, 2004. Its Chapter 11 case number is 04-00757.

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