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Home > BizTimes Daily > Archives > March 23, 2007
Bankruptcy is 'last resort' for Milwaukee Public Museum
Published March 23, 2007 - BizTimes Daily
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As executives of the financially troubled Milwaukee Public Museum are exploring their legal options, Milwaukee County Executive Scott Walker and County Board Chairman Lee Holloway issued a joint statement today, saying that bankruptcy would be a "last resort" for the county-supported facility.
Their joint statement said: "Milwaukee County contributes millions of dollars every year for the operation of the Milwaukee Public Museum, both for general operations and capital projects. We want to see the museum succeed. Since the discovery of poor fiscal management by MPM, Inc. two years ago, we've known that a bankruptcy filing is one of the options on the table. Obviously, that only would be a last resort. It has been the actions of the county that have kept the museum open during this time. We appointed a Financial Oversight Committee to oversee the taxpayers' investment in the museum and
a Museum Recovery Committee to look at all available options to reach agreement on a recovery plan that will benefit all parties involved, including Milwaukee County taxpayers. The museum continues to face some difficult challenges, but we want to do everything possible to preserve this important asset for future generations."
Milwaukee County owns the Milwaukee Public Museum building and artifacts. Currently, the county provides more than $3.3 million in direct operating funds annually to the museum.
