Now it’s time for another entry in the continuing saga of the Pasadena Playhouse. When last we spoke, I had received a love note from the Bankruptcy Court, as was informed I was a creditor. Since then, I dutifully filed the creditor paperwork.
Today, I received a letter from the Playhouse (evidently, they had also sent out another letter, which I never received). This letter indicates that they have finalized their recovery plan, and are waiting for court approval. The letter indicates that “If the play is confirmed by the Bankruptcy Court, the Playhouse will honor your outstanding 2010 season subscriptions by providing performances at the Playhouse over time.” However, they are offering is two additional treatment options: (1) to exchange the balance of our subscirption for tickets to the next two performances at the Playhouse, or to (2) donate the balance of the subscription to the Playhouse in return for a donation letter.
I’m torn on what to do. Originally, we were willing to go with the donation route. That’s a bird in the hand—a guaranteed sizable charitible deduction (some fixed percentage of almost $700). I think that roughly 40% of the would be the eventual tax credit, effectively paying for most of the Colony Theatre subscription that replaced the Playhouse subscription. I’m less sure about the “two performances” route, as there is no guarantee what they will be or what their quality will be (especially as the recovery plan indicates that they expect they would be joint performances with third parties). As for doing nothing, meaning they would fulfill our subscription if and when they recover, that’s rolling craps.
I guess I’m just really disappointed by how the Playhouse has treated their subscription base during all of this. They’ve just spent their goodwill with me, and I have no trust with them regarding future productions.
Still, I’d like your opinon. Facebook readers: just leave your opinion as a comment.
I’ll note that technically we have two subscriptions, but received only one letter. It is unclear how we fill out the letter if we go for Class 4(a).
