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Foundation head challenges academy on fund withdrawals
Listen to this articlePaul W. and Judy S. Ware filed documents today in U.S. Bankruptcy Court for the Eastern District of Pennsylvania objecting to the academys June 24 request to withdraw up to $250,000 from the endowment to meet payroll and expenses through Aug. 31.
The academy said it failed to meet its June 15 payroll due to unanticipated costs and lack of cash flow following its May 27 Chapter 11 filing.
The Wares objection says the academys petition makes unsupported representations about its money woes. The objection notes the academys significant history of ongoing financial problems and expresses doubts about its capacity to reorganize.
A meeting of academy creditors is scheduled for 2:30 p.m. today.
Paul Ware is president and chairman and Judy Ware is a board member of the Ferree Foundation, which donated millions of dollars to the academy and guaranteed loans that the institution took out to build its $32 million flagship building on North Prince Street. The building was leased early this month to Millersville University, which plans to buy and renovate it for use as an arts center.
