Pennies from Heaven
The sale of a D.C. theater's only remaining asset -- its home -- may net $2.8M. The local theater community is, unsurprisingly, fighting over the spoils:
The endowment would have come from the sale of the Source Theatre's longtime home at 1835 14th St. NW, which is being bought by Bedrock Management for $2.8 million. The activists argued that the funds would be quickly dissipated and forgotten and that the artistic community would be better served by preserving the stage.
Near as I can tell, the local theater activists are more interested in preserving the stage space than having the cash to split amongst themselves. Not having been involved in this at all, I won't comment pro or con, except to say that it's true that the funds would be quickly dissipated and forgotten if there's no strong executive dispersing them.
There's a big difference between an "endowment" and "dissipating the funds." The former seems like a great idea, the latter not so much. Theaters never have any capital. What a perfect time to start an endowed fund that someone manages, which funds small D.C. theaters every year, all the while building assets.