Sale Of Landmark Surflight Theatre Still In Limbo

What’s in the future for the troubled Surflight theatre - another auction or foreclosure?

No one knows, at least for now.

Red Bank attorney John M. McDonnell - the trustee assigned by the U.S. Bankruptcy Court District of New Jersey - recently filed a ”notice of abandonment” with the court, according to The Sandpaper.

The current market value of the Surflight complex is now only $2 million, the winning bid of the trustee-supervised Aug. 6 auction. But the Surflight’s creditors - TD Bank and Show Place Inc. - are owned roughly $3.5 million.

Moorestown-based developer William Burris predicts that another auction may be held, or that TD bank will foreclose.

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