Popular Montana Landmark With Rich History Files For Bankruptcy.
Montana is filled with businesses that have been around for a century or more. From hardware stores to restaurants and social clubs, tradition is a big deal here in The Last Best Place and most of us would like to hold on to it as long as we can.
Many of these businesses have deep roots in the community and some cases, have been owned by the same family and have been passed down from generation to generation. So when one of those businesses closes shop or is struggling, it's never an easy thing as it feels like we lose a little bit of our state's history.
The latest Montana institution that has come across hard times has a very rich history in the state and one Montana town in particular.
The Montana Club in Helena was founded back in 1885 as a private club for the who's who of Helena and Montana. The original building was destroyed by fire in 1903 and the current building opened a couple of years later. The Club represents old-school Montana and even today. you get a sense of going back in time.
According to numerous media outlets, The Montana Club in Helena has filed for Chapter 11 Bankruptcy. According to their website, "it was the oldest private social club between Minneapolis and Seattle until it reorganized as a co-operative association and opened to the public in June 2018 for à la carte dining, private dining, weddings, celebrations, and business meetings."
So what does this mean for the future of The Club?
According to the United States Courts, Chapter 11 Bankruptcy allows a business to reorganize while remaining open. This allows the business to pay back its debtors over time and is often used for not only businesses but individuals as well.
The reason for the Bankruptcy claim?
It seems that comes down to a matter of about 500 thousand dollars of unpaid assessments, and with interest, that comes to 700 thousand according to an article published in the Ravali Republic. The article goes on to say that the filing comes from a lawsuit against the Montana Club Cooperative by the Montana City Club Building Condominium Owners Association, who are co-owners of the historic building.
Will folks rally around this historic landmark? Many Montanans certainly hope so.
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