Shareholders of the Original Montana Club Cooperative Association have given their board the authorization to sell all assets of the financially strapped historic downtown Helena landmark in order to stave off debt and to deal with a pending bankruptcy filing.
The vote Wednesday night in the sixth floor dining room was unanimous from the nearly 35 people present plus 17 proxies from among about 480 shareholders. On Aug. 22, members authorized its board to file for Chapter 11 bankruptcy in an effort to allow them to reorganize, negotiate with creditors and preserve the historic but financially strapped club in Helena’s downtown.
“This is imperative for us in general to move forward with new life for the building,” said Mary Ahmann Hibbard, a board member who is also tasked as a Realtor with selling the Rathskeller bar in the basement of the building.
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Members were told Wednesday, during a meeting that lasted slightly less than an hour, that the club has yet to file for bankruptcy protection.
The Montana Club Cooperative has been sued by the Montana Club Building Condominium Owners Association, which owns portions of the 31,381-square-foot Montana Club building