On July 21, a judge will decide whether to convert Locran Otway’s Chapter 11 bankruptcy, filed in December 2020, into Chapter 7 — which will most likely end in an auction.
To hear Lorcan Otway tell it, he’s in a fight for his life.
“I’ll be planting my hand in the cement,” McCourt told The Post before the ceremony. “I wish we could cut the hands off the money grubbers who are trying to steal the place. It’s terrible what is happening to Lorcan.” “The difference between organized crime then and real estate predators today is organized crime charged lower interest rates,” Otway said. “They wanted you to succeed to stabilize the neighborhood. The real estate predators today are parasites. They are killing New York’s cultural entities. We don’t need more banks and Starbucks. We need more theaters.”
The Otway family did not get a cut of the recovered loot, but they eventually learned that the money belonged to Scheib’s boss, Frank Hoffman, who made a fortune as a bootlegger during Prohibition. The walls of the theater are lined with Otway’s memories: Posters from past shows, as well as photos of the stars who were in them or were pals with his family: Katharine Hepburn, Robert De Niro, Jimmy Stewart, Claudette Colbert, Bette Davis. Another picture shows Howard holding up a tipsy Maureen Stapleton leaving her handprint in wet cement for the Walk of Fame. As Otway recalled, the Oscar-winning actress was too inebriated to sign her name.
More recently, Otway was there when British actor Patrick Stewart made a surprise appearance seven years ago with the Improvisational Shakespeare Company. He also recalled John Lithgow and Emma Thompson filming scenes for the 2019 movie “Late Night” at the theater.A young Robert De Niro is among the stars who performed at Theatre 80.“They died at home and we took care of them through their final illnesses,” said Otway referring to himself and wife Genie, a lawyer.
But Otway said that, with the loan in default, his interest rate was jacked up from 10% to 24% in early 2021 — and the original $6.1 million bridge loan ballooned to more than $9.2 million with penalties rapidly accumulating.
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