Kearney Archway Officials Await Word on Bankruptcy

Posted 8 months ago

By Scott Carlson

archway-monument(AP) — A bankruptcy judge is expected to release a ruling next month on a bankruptcy plan submitted for the Great Platte River Road Archway museum in Kearney.

At stake is whether the museum that spans Interstate 80 must close or may remain open to continue its financial fight. The decision is expected on Sept. 18.

The foundation that runs the museum has proposed a reorganization plan that includes paying bondholders $50,000 for their $20 million in bonds. In 2002 bondholders wrote off $40 million of the archway’s $60 million debt. The archway is proposing to pay another $50,000 to unsecured creditors.

Joel Johnson leads the archway foundation, and he told the Kearney Hub (http://bit.ly/16bmDAY) that if creditors reject the proposal, the archway will close.


  • fnp

    Lets tell the truth about this whole thing.. First, 40 million dollars of debt has been written off on this building. Second, attendance numbers have been fudged by having busload after busload of school students go on “filed-trips” addission free to show higher attendance levels. Thirdly, there was supposed to be between 4 and 5 million dollars in a fund to remove the archway from the interstate ROW incase it failed…there is only 80K in that fund. And lastly, when this structure was built, the public was guaranteed “not one dime of taxpayer money would ever go to fund it…”. What a joke that ended up being. A twelve million dollar interchange has just been built to help out access issues for it…paid for by taxpayers. Not to mention the museum, and other infrastructural improvements to even get tot he archway to begin with. Now, should the bankruptcy judge not approve its plan to basically wipe out the remaining 20 million in debt, the taxpayers will be on the hook for 5 million dollars to remove the structure from the interstate. This IS the fate of your Spike down the road people of North Platte. Remember this.

    Current score: 6
  • fnp

    Forgot to mention: part of the reorginazation plan requires the city of kearney, and buffalo county to throw in 800K to fund this over the next 3 years….but I guess thats not taxpayer money either…right?!……………sorry for the typos above, but I think you will all get the point.

    Current score: 4
  • Russel Simpson

    …but you bet your happy a$$ that no one that is responsible for the Archway, its funding (or lack there of), or management will ever be responsible for all the lies, misplaced money, or anything else that went arye. Great legal system we have here: punish the small individual and squeez every dime out of them, but protect, shelter, and even reward the big corporations or anyone with too much funding that can simply pay to get out of their problems. Love our country!

    Current score: 4
    • fnp

      From what I understand, some of your (North Plattes) business leaders i.e bankers, attornies, council members, and businessmen and women were the ones responsible for the initial push to get your spike built and sat or still sit on the board, but yet if the spike were a provate business, those same people would not allow what is going on to happen, forclose, or be on a cash-only basis.

      Current score: 4
  • Pu Ping

    This is a preview for the Golden Jail Tower out by the R.R.

    Current score: 3