Welcome

Jewish History Museum Appeals Plan-Dooming $66 Million Valuation

Dec. 16, 2020, 6:24 PM

The Museum of American Jewish History is appealing a bankruptcy court ruling that valued its real property at $66 million, more than six times the museum’s estimate.

The Philadelphia-based museum, which owed more than $30 million when it filed for bankruptcy in March, appealed Tuesday after being forced to withdraw its Chapter 11 reorganization plan as a result of the court’s order.

The museum’s plan payouts were based on its estimate that the property’s value didn’t exceed $10.5 million. Bondholders objected, arguing that the museum bought the land for $9.5 million in 2006 and spent $83 million to construct the ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.