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Congress Theater defaults on hefty bank loan

interior of the Congress during a recent Matt & Kim show (more by Chase Turner)

As troubles for the Congress Theater and owner Erineo “Eddie” Carranza continue, Jim DeRogatis reports that PNC Bank, the bank that holds the Congress’ mortgage, have filed a lawsuit with U.S. District Court proclaiming that he has defaulted on a $4 Million Dollar loan and that they’re taking the necessary steps to forclose on the venue. You can take a look at the entire 58-page lawsuit, which was filed on Wednesday, November 28, HERE. When reached via email this morning, Carranza’s legal counsel Thomas Raines stated, “It’s an insurance placement issue, it has nothing to do with non-payment on the loan.” The bank have been seeking reimbursement since August of 2011 and haven’t said a thing about any insurance.

Stay tuned for more information.

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