CADILLAC — Cadillac’s only movie theater has a buyer.
Goodrich Quality Theater’s Cadillac 4 closed amid the COVID-19 pandemic. But the theater chain was already going through bankruptcy proceedings.
Court documents dated June 30 indicate the theater, among others in the Goodrich Quality Theater chain, would be sold “no later than July 15.‘
Bankruptcy documents identify the purchasers as “Goodrich Theater Newco, LLC,‘ with Elliot Nassim of Mason Asset Management in Great Neck, New York as the contact person.
The Cadillac News reached out to Mason Asset Management’s public relations team, who confirmed that Nassim, Igal Namdar and VIP Cinemas have partnered to acquire the Goodrich Quality Theaters chain.
Nassim and Namdar are frequent partners in shopping malls, Reuters reported in June of 2018. Indeed, Mason Asset Management and Namdar Realty operate several in Michigan, including Flint, Jackson, Muskegon, Saginaw and West Branch.
And now they’re buying into the movie business.
“The plan is to continue operations of the existing theatres and grow the brand’s footprint,‘ said Nassim, founder of Mason Asset Management.
Bankruptcy documents indicate 13 of the theaters in the Goodrich Quality Theaters chain, including the Cadillac 4, are being sold to “Goodrich Theater Newco, LLC.‘
A 14th theater in Illinois is being sold to another theater chain.
The rest of the theaters in the Goodrich chain were leased; documents suggest some of those leases will continue.
Bankruptcy court documents show the assets being sold to Nassim and his partners are collectively priced at $12 million.
Cadillac’s Footliters theater group bid on the Cadillac 4 during the bankruptcy proceedings, but the theater was sold instead to Nassim and his partners.
Footliters announced this spring that the group hoped to offer live theater, music and cinema at the Cadillac 4.
In a statement this week to supporters, Footliters’ president Joe Baumann said “hundreds of community residents communicated their support for our downtown, ongoing availability of movies, and Footliters’ work to ensure this cornerstone of our community remains available to establish the next generation of community-owned and -driven arts and entertainment in Cadillac.‘
But the hope for local control of the Cadillac 4 has not yet died.
Baumann said Footliters still hoped to acquire the theater from the purchaser.
Failing that, Nassim’s statement about continuing to operate existing theaters is welcome news. If there are movies downtown, “we win either way,‘ Baumann said.
Goodrich Quality Theater’s counsel did not return a request for comment before deadline.