Deal relieves Milwaukee Public Museum of $10.8 million in debt

[Scuba]

http://www.jsonline.com/news/milwaukee/119705799.html

<snip>

In the latest chapter of the museum's comeback story, Chase at the end of last year agreed to write off some $8.5 million and M&I similarly wrote off about $2.3 million in long-term museum debt.

The forgiveness was part of a series of transactions that has bolstered the museum's weak bottom line. The museum's negative net worth of recent years has been reversed and now stands at a positive $14.5 million, Williams said.

Williams declined to say why the banks agreed to the jaw-dropping giveback, citing confidentiality terms the museum agreed to.


<end snip>

Great for the residents of Wisconsin - the museum is a treasure. Still wondering what's in it for the banks. Was this TARP money???

[Jackpine Radical]

1. Who better than a museum staff

to know all about deep, dark secrets?

I love the Milw. Public Museum. Too many years since I've been through it.

[Scuba]

2. The wife and I went a few weeks ago for the "frogs exhibit". It was wonderful.