Apr 18, 2009 11:59 am US/Pacific
L.A. Children's Museum Files For Bankruptcy
LOS ANGELES (AP) ―
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Los Angeles invested more than $10 million into the Children's Museum. The City Council will hold a hearing Wednesday to discuss taking over the property.
CBS
An unfinished children's museum in the San Fernando Valley has filed for bankruptcy after a major donor accused of investor fraud reneged on his pledge.
The Children's Museum of Los Angeles filed for bankruptcy Friday. The project in Lake View Terrace needed another $22 million to open its doors but was plagued with staff turnover and fundraising woes.
Sherman Oaks investor Bruce Friedman had pledged $10 million. However, the Securities and Exchange Commission filed a lawsuit last month accusing him of stealing $17 million from investors and a judge froze his company assets.
Los Angeles invested more than $10 million into the museum. The City Council will hold a hearing Wednesday to discuss taking over the property.
(© 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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