Studio Arena bankruptcy moves to Chapter 7.
They (the board) paint things like they tried everything and couldn't make it work, but the fact is that they refused to try anything involving risk or effort. Ideas were presented. Plans were developed. There were people willing to lead, but the board wouldn't let them. They wanted a quick and easy way out, and when they couldn't find it, they gave up. They might look good in the press now, but each and every one of them should be ashamed that it ever got to this point.
The future of the building is not the issue. It will very likely live on under the management of Sheas. But Sheas has no interest in continuing Studio Arena's legacy as a nationally recognized producing theatre. It will become another road house where the productions come in a box and leave in a box. No local talent involved.
Studio Arena, the production company isn't necessarily gone either. If enough people want to keep it alive, it will return. But it will be a long road back to LORT B status.
