Bankruptcy Sales of a Nightclub and Baseball Team

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Popular nightclub Love in Washington DC is filing for bankruptcy to protect itself from creditors while its owners negotiate the sale of the establishment. Park Place Inc, the owners of Love nightclub, have listed liabilities of between $1 million and $10 million to about 15 creditors, including music and equipment vendors and up to $50,000 worth of assets in their bankruptcy filing. Park Place also owns The Place at 14th, a second establishment it opened in 2007. Marc S. Barnes, the chairman of Park Place is unable to state when negotiations to sell the nightclub would be concluded. “It’s been taking a little bit longer to negotiate the sale than we expected. It could be (completed) any day or it could take another two months”.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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