A foreclosure sale of the Netters-Gillioz Building scheduled for 2 p.m. Nov. 15 was postponed until Nov. 22.
The building, 325 Park Central East, is home to the Gillioz Theatre. Philip Rothschild, director of the entertainment management program at Missouri State University and board president of the nonprofit Springfield Landmarks Preservation Trust that owns the building, said via email Friday lender Guaranty Bank and the board had an agreement to delay the trustee's sale. The bank called the mortgage due on the property following the board's default on a $4.3 million loan that originated in April 2006.
"Guaranty Bank has delayed the sale of the Netters-Gillioz property while we schedule finalization of the agreement over the next several days. As soon as the transaction is completed, the board will share details," Rothschild wrote Friday afternoon, after the scheduled auction.
At the auction, trustee Gary Bishop, an attorney with Mann, Walter, Bishop & Sherman PC who represents the lender in the sale, would only say the parties involved had agreed to postpone the sale one week.
Carlye Wannenmacher, vice president and director of marketing for Guaranty Bank, declined to comment Friday.
Rothschild noted the Gillioz Theatre continues to operate with scheduled events such as performances by the Children’s Choir of Southwest Missouri, Ozarks Techincal Community College's Christmas play, a Switchfoot concert and Imagine, a tribute to John Lennon and The Beatles.[[In-content Ad]]
