Baltimore's Senator Theatre to Close

HISTORIC LANDMARK HEADED TO AUCTION AND UNCERTAIN FUTURE

BALTIMORE, March 11 /PRNewswire/ -- The historic Senator Theatre has been
pursuing a transition to community-based ownership, but debt and operational
deficits are threatening to derail the plan. The theatre's mortgage is in
default and analysis of current cash flow indicates that closure and an
auction sale are imminent.

"We just received notice that accelerated foreclosure is proceeding, said
Senator owner Tom Kiefaber. "It's alarming to be in such a precarious position
at this critical point when so many people who appreciate The Senator want it
to remain in operation through this transition to a community-owned resource."

Results from recent round table discussions, online forums and town meetings
demonstrated strong support among Baltimore's business and residential
communities for the theatre to remain open as ownership transitions from
Kiefaber to a new non-profit, community owned entity. Historic theatres
nationwide have undergone non-profit conversion to expand educational and
entertainment programming and ensure their preservation.

In response to Kiefaber's advocacy of community ownership of The Senator,
leaders from across Baltimore recently formed The Senator Community Trust.
The non-profit entity plans to commence raising funds to purchase the theatre
in its mission "to preserve, protect and restore Baltimore's cherished
landmark, the historic Senator Theatre."

A town hall meeting will be held at The Senator on Monday, March 16th at 7pm.

Kiefaber has agreed to a request from The Senator Community Trust to make the
theatre available for the town meeting as an open forum to provide the public
with the facts and discuss how this situation is likely to affect The Senator
and the extended community. The Trust has invited city and state officials and
members of the city's ad hoc Senator Steering Committee. All concerned are
welcome and encouraged to attend.

A recent public offer by Mayor Dixon's office to Kiefaber is intended to
reduce the theatre's debt and facilitate The Senator's conversion to
non-profit ownership as a proviso of the deal. "I have notified the city of my
acceptance of their offer, but the details are yet to be resolved. It's an
involved process that's being pressured by the foreclosure timeline," Kiefaber
said.

Sean Brescia of Clearpath Management, who has been working to demonstrate the
viability of multi-purpose uses for the theatre and helping coordinate efforts
among the various parties, said, "These scenarios take time to develop
properly and no one, including the city, is going to have the chance to
identify the most viable opportunities ahead if the outcome is forced by
foreclosure."

There has been much public speculation regarding the city's offer to Kiefaber,
which is conditioned on the city's determination that a non-profit Senator
Theatre is sustainable. In an apparent contradiction of the stated terms of
the offer, that pivotal decision may have been made already.

According to a member of the city's Senator Theatre steering committee, "We
have looked at many examples for a nonprofit and not one of them exists
without considerable subsidy. That is not possible in today's environment."
In reference to the newly formed Senator Community Trust, the representative
added, "If the Trust wishes an active role, they should begin raising the
several hundred thousand [dollars] required to bid at auction. There are
likely to be excellent and well-financed bidders there and it's my guess that
is likely to be where we are in a few short weeks."

"I don't presume to speak to the city's intentions," Brescia added, "They need
to speak for themselves. There seems to be a lot of confusion about their
perspective and the participation of city officials at Monday's town meeting
would greatly benefit public understanding of the situation. In any case, the
theatre is headed rapidly to auction. It's now up to people to make their
voices heard and ask the city to follow through on their offer if the
community wants to have any say in the Senator's uncertain future."

Contact:
Clearpath Management Senator Management
866.944.4409 x1 410.435.3583
info@clearpathmanagement.com info@senator.com

SOURCE Clearpath Management

Clearpath Management, +1-866-944-4409 x1, info@clearpathmanagement.com; or
Senator Management, +1-410-435-3583, info@senator.com