Bankruptcy and Liquidation
On November 26, 2008, AMTSJ laid off all of its employees. The following week, it filed for Chapter 7 bankruptcy and ended operations. Executive producer Michael Miller announced that the sudden failure was due to a $1.7 million loss on an adaptation of Disney's musical Tarzan in partnership with Theater of the Stars in Atlanta. Miller called legal action against Theater of the Stars "likely" and claimed that money given to Theater of the Stars by AMTSJ for Tarzan was diverted for other purposes. Company assets were auctioned the last week of February, 2009.
Read more about this topic: American Musical Theatre Of San Jose
Famous quotes containing the words bankruptcy and and/or bankruptcy:
“Bankruptcy and repudiation are the springboards from which much of our civilization vaults and turns its somersets, but the savage stands on the unelastic plank of famine.”
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