charters part two
1970-1989 PAGE 14
The final words must rest with Noreen shortly before she died when she made an unnerving prophecy to Paul: "Have nothing more to do with that theatre, it will finish you off, and the school!"
Click here to see a letter to Paul from Dame Ninette.
Now, after two decades, with much speculation and rumour, the truth of the immediate consequences of the decision should be written. A purchaser was in final detailed negotiation with the owners. This included all the assets of the company and the freehold of the Adeline Genée Theatre plus the private homes of two of the directors. Because of the complex legal discussions with the Charity Commission in dismantling the theatre's Trust, which took well over a year, the purchaser lost patience and withdrew. In the meantime the company had amassed a considerable debt for maintenance and legal fees during the closure period and beyond. The bank called the company into administration and, with their mortgages, the private houses. With the imminent agreement from the Charity Commission over the theatre, the bank sold the whole bundle to a low bid to cover their demands. The shareholders were therefore deprived of all benefits.
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