Evergreen Aviation & Space Museum Proprietor Files Chapter 11 Bankruptcy

by San Antonio Attorney

The Michael King Smith Foundation filed for Chapter 11 bankruptcy protection on January 26, according to court documents.  Lisa Anderson, the foundation’s trustee, stated that the museum still has pending debts from its contractor, Portland-based Hoffman Construction.

Evergreen recently blocked a foreclosure auction scheduled in January and handing over the fate of the space museum and Wings and Waves Waterpark to somebody else.

Anderson said that Evergreen has been trying to negotiate a sale of its assets in order to pay the debt.

Delford Smith, the late proprietor for the Evergreen Operation, has already rendered payment of the debts of the company in $150 million excess for development and services of the museum campus.

However, Hoffman Construction did not close the pending transactions before the foreclosure sale, which included the space museum and water park.  Hoffman Construction refused to reschedule the sale, since it has been rescheduled for so many times beyond the intended date.  The aviation museum is spared from the foreclosure sale.

Anderson has their own estimates that the foundation has already accumulated $9.2 million of debt to the secured and unsecured creditors.  Debts that range up to $40,000 to unsecured creditors are about to be collected.

The foundation has estimated assets between $100 million and $500 million.

A profit-aviation company, the museum became the public face of Evergreen International Aviation.  The company gave aviation services the government of the United States, among its clientele.  During its collapse in 2013, the company suffered consequences of falling out and whether the money used between profit and non-profit was properly mixed.

The Internal Revenue Service analyzed the operations of Evergreen Aviation, which went to the Oregon Department of Justice last 2014.

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