Collectors and athletes who donated items to the Sports Museum of America are being asked to pay to get their own items back after the place filed for bankruptcy.
It all sounded great.
A new sports museum in New York, jammed with historic items from every major athletic endeavor and home to the Heisman Trophy awards show.
Not everything goes as planned, though.
A difficult economy and other issues closed the museum’s doors just a few months after opening. Now, the trustee handling the bankruptcy case is asking some who donated items for display for what can charitably be described as a ransom.
Located in lower Manhattan, the museum got some of its better pieces from collectors. The group that ran the place filed a Chapter 7 liquidation petition in March, declaring $55.5 million in assets and $177.1 million in liabilities.
Now, the New York Times reports that trustees for the museum’s creditors are doing everything they can to get paid, including a proposal to charge some hefty fees to those who gave some of that memorabilia.