Members 1st FCU Buys Back Troubled Commercial Project At Auction

Published September 02, 2009, 4:47 p.m. EDT

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Updated August 27, 2020, 12:29 a.m. EDT

1 Min Read

HAMPDEN TOWNSHIP, Penn. – Members 1^st FCU bought the troubled Coliseum Entertainment Megaplex at yesterday’s bankruptcy auction after no one bid on the property.

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The Coliseum went to sheriff's sale after the credit union secured a $6.2 million mortgage foreclosure on the property in county court, according to a lawyer involved in the auction.

The credit union's lawyer announced at the start of the bidding that the creditor would accept no bid lower than $3.6 million for the amusement center, then bid $1, securing the property with no opposition.

The local entertainment complex is still operating.

　

　

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