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Exchange on a hot streak
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| Calabria |
Richie + Gaiser this Friday...
Mark Knight 11/9
The Martinez Brothers 11/16
Dubfire + Green Velvet 11/23
Sasha 11/30 |
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| jonmitz |
| Didnt exchange file for bankruptcy protection? something about landlord problems. i also read they've withheld over $1M in rent or something absurd due to problems w/ landlords |
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| Calabria |
| quote: | Originally posted by jonmitz
Didnt exchange file for bankruptcy protection? something about landlord problems. i also read they've withheld over $1M in rent or something absurd due to problems w/ landlords |
no idea. but insomniac keeps booking some legit name to play there |
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| 72hrpartyanimal |
maybe Mikey can explain bankruptcy protection. I'm pretty sure the club owners are making decent enough money but are using this to (wait for it) protect themselves if the owners of the actual complex decide to file bankruptcy.
edit*
either way... SASHAAAAA!!!
a buddy told me that Digweed is playing New Years there too. Don't know if it's true or not. |
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| jonmitz |
http://blogs.wsj.com/bankruptcy/201...for-bankruptcy/
here's an article about it. there is more than one site covering it
e: sounds like they are ~700k in the hole from the landlord (1.7M owed -1M withheldrent)
http://www.ladowntownnews.com/news/dance-club-exchange-la-files-for-bankruptcy-amid-fight-with/article_aff2df64-2fa5-11e3-944f-001a4bcf887a.html
| quote: | Hawkeye says it is owed $1.64 million in tenant improvements and funds for retrofitting work, and also alleges that Pax has defaulted on several settlements over multiple years. Neither Pax nor purported new landlord New Vision Horizon LLC has paid up, according to the bankruptcy petition.
The bigger problem might be that the club is operating with a temporary certificate of occupancy, which requires renewal every six months. The city has refused to issue a permanent permit until the building complies with all city codes; the historic venue needs several repairs, including an increase in water pressure, to meet requirements.
The city could close Exchange L.A. if repairs are not completed.
The club owner has filed other lawsuits in state court and has withheld nearly $1 million in rent, but Pax has moved to terminate Hawkeye’s interest in the lease, according to Law 360. The Chapter 11 filing, however, preserves the lease until further developments. |
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| Calabria |
| supposedly they have talent booked there until spring of 2014 and no sign of slowing down...but if anything happens with the property insominac will move into another space. im sure they have been looking at a back up venue since this has come up as well. |
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| ekim18 |
| quote: | Originally posted by 72hrpartyanimal
maybe Mikey can explain bankruptcy protection. I'm pretty sure the club owners are making decent enough money but are using this to (wait for it) protect themselves if the owners of the actual complex decide to file bankruptcy.
edit*
either way... SASHAAAAA!!!
a buddy told me that Digweed is playing New Years there too. Don't know if it's true or not. |
PLEASE tell me Digweed is playing NYE... |
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| 72hrpartyanimal |
| quote: | Originally posted by ekim18
PLEASE tell me Digweed is playing NYE... |
Trying to get my buddy to confirm but he's still unsure.
| quote: | Originally posted by Calabria
supposedly they have talent booked there until spring of 2014 and no sign of slowing down...but if anything happens with the property insominac will move into another space. im sure they have been looking at a back up venue since this has come up as well. |
Create nightclub? |
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| henryv |
| I will be in there for Dubfire no doubt! |
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| Calabria |
| quote: | Originally posted by ekim18
PLEASE tell me Digweed is playing NYE... |
well digweed does love la for nye...so its def a strong possibility |
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| civicstyle |
When I visited LA a few weeks ago, I went to Exchange for Victor Calderone + Quivver and was blown away. Funktion One sound, majority of the people were actually dancing, and that video wall. And, wasn't hurt in the pocket book with $7 beer as I was expecting WMC pricing as this was my first time clubbing in LA.
Would love to have a club like that in Austin of that scale. |
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| jonmitz |
| quote: | Originally posted by ekim18
PLEASE tell me Digweed is playing NYE... |
The last line of the article states that the filing preserves the lease for the time being, so there's not much to worry about, it would seem (for now). |
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