July 29, 2008

Chicago Tribune Coverage of Uptown Theatre Sale

Jam Productions gets Uptown for $3.23M
By Chris Jones Chicago Tribune critic

As expected, an entity related to Jam Productions emerged as the highest bidder at the auction of the Uptown Theatre today.The formal purchase price was $3.23 million."This proceeding, when confirmed by the court, will confer title," said Todd Rowden, an attorney representing UTII, LLC, the entity created by Jam Productions principal Jerry Mickelson. Rowden said he expects the court to approve the sale.According to Rowden, there were two bidders at the sale. The first bid for $1.84 million was made by the Parkway Bank as mortgagee. Live Nation, which had expressed interest in the theater, did not bid.

UTII made a much higher bid but was allowed to credit-bid its judgment amount as second mortgagee. It put $1.8 million down in certified funds, and that was enough to acquire the theater, which will need millions of dollars in renovations.

For complete article and additional coverage, go here.

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