Skip to main contentThe longer list of creditors
Less than six months after beginning operations at PGE Park, the investors who own Portland Family Entertainment are seeking to sell or restructure the struggling company, WW has learned.
Distressed with the continuing losses and the day-to-day management of PFE, the company's 13 limited partners have decided to take drastic steps.
The limited partners, who include car dealer Scott Thomason, Crown Pacific Lumber CEO Peter Stott and several other prominent Portlanders, are in the final stages of negotiations with potential investors, some of whom are based in New York. Insiders say the limited partners hope to have a deal wrapped up by Oct. 15.
Such a transaction could either involve the outright sale of PFE or an infusion of cash from new investors. Also possible in any deal is the sale of the concession rights to PGE Park, said to be worth several million dollars.
Since their investment in 1999, the current limited partners have grown increasingly frustrated with the need to prop up the company with unanticipated additional contributions, which this year became monthly cash calls.
Even with that additional funding, disappointing ticket sales for the AAA Portland Beavers baseball team and the Portland Timbers soccer team, coupled with a near total lack of fiscal controls, have convinced the limited partners that PFE is not viable in its current state.
PFE CEO Marshall Glickman and Chief Financial Officer Mark Gardiner (the city's former top finance official and a member of the Oregon Investment Committee) are currently responsible for the day-to-day operations. Neither returned WW's phone calls.
Throughout the summer, signs of financial trouble at PFE became increasingly evident. In July, WW revealed that attendance figures reported by the PFE-owned Beavers included a unusually high number of complimentary tickets (see "Ghost Fans in the Stadium," WW, July 18). Five weeks later, The Oregonian reported that PFE will fall at least $800,000 short of its projected profit-sharing payments to the City of Portland for this year.
The most recent evidence of fiscal trouble comes from company documents obtained by WW. As of last week, the documents show, PFE owed vendors, suppliers and other creditors nearly $1.6 million--everyone from Barnaby the Clown ($75) to Qwest (more than $30,000).
Particularly troubling to limited partners and PFE's creditors is that more than half of the company's debts are more than 60 days old and of that sum, more than $400,000 of the bills are more than 90 days old.
The largest debt is $200,000 owed to Latitudes Designs, a Northwest Portland apparel and embroidery company; more than half of that debt has been outstanding for more than 60 days.
Several larger creditors contacted by WW declined to discuss PFE's debts, but people close to PFE say that in recent months the company has been threatened with the shut-off of natural gas, cell phone, television and garbage-collection services due to slow payment.
Smaller suppliers, who feel the pinch of slow payment more acutely, are clearly growing impatient. "You have to ask where the money is going," says Peter Corvallis, whose event-promotions company, Peter Corvallis Productions, has been owed $1,006 since May 25. "[PFE] has got of lot of big hitters behind it." Like several others contacted, Corvallis said his company's normal payment terms are 30 days.
Alan Classen, editor and publisher of the Northwest Examiner, has also seen a $325 bill for advertising go unpaid for more than 91 days. "I understand that they only pay when things get in the headlines," Classen says.
In recent weeks, the company has moved to cut costs, laying off 11 employees and trimming salaries (including Glickman's), and it is contemplating moving the company's headquarters from a downtown suite to the ballpark.
But the moves appear to be too little and too late for Glickman and Gardiner, who seem unlikely to survive the coming shake-up at the ballpark.
List of Creditors Creditor 0-30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS TOTAL OWED LATITUDES 22,406.05 74,073.43 73,817.80 28,395.31 198,692.59 U.S. FOOD SERV. CONTRACT PROJECT - - 87,861.60 87,861.60 UMBRO AMERICA 7,525.50 17,183.29 11,546.63 46,166.62 82,422.04 SOUTHWESTERN RECREATIONAL - - 81,639.00 81,639.00 KUPL-AM 29,334.00 29,334.00 - 58,668.00 KPDX-TV FOX 49 58,500.00 - - 58,500.00 TURNER CONSTRUCTION 50,000.00 - - 50,000.00 ALLIANT FOOD SERVICES, INC 36,830.83 11,392.27 - 48,223.10 TONKON TORP - 40,152.67 - 40,152.67 SUMMIT PROJECTS 6,725.00 12,427.86 11,106.48 7,329.57 37,588.91 COAST TO COAST EVENTS SERVICS 9,889.25 11,688.75 11,408.50 32,986.50 PEPSI COLA 1,794.75 30,615.45 - 32,410.20 NW MICRO-TECHNICS, INC (2,500.00) 50.00 - 33,299.48 30,849.48 QWEST - 29,560.26 - 29,560.26 PORTLAND MARRIOT 18,081.89 1,728.33 8,987.65 28,797.87 ROBERT RICE 27,750.00 - - 27,750.00 DELOITTE & TOUCHE - - 22,921.75 22,921.75 ON-SITE FINANCIAL SOLUTIONS 22,866.27 - - 22,866.27 TWINS ENTERPRISE INC - - 20,722.00 20,722.00 KAREN WHITMAN PROJECTS - 20,685.00 - 20,685.00 METRO WEST AMBULANCE 11,943.52 3,750.00 2,550.00 814.62 19,058.14 MICROS SYSTEMS, INC 725.00 14,476.35 1,830.46 17,031.81 NEXTEL COMMUNICATIONS 7,912.06 9,017.80 - 16,929.86 FRITO-LAY, INC 6,017.88 10,629.36 - 16,647.24 PBH, INC - 16,331.25 - 16,331.25 STOLL STOLL BERNE LOKTING & SHLACHTER 9,699.10 6,597.75 - 16,296.85 PACIFIC COAST CAMERAS 13,500.00 - - 13,500.00 WESTCOAST TRI-CITIES HOTEL 1,386.22 12,019.40 - 13,405.62 TEAM BEANS, LLC - 13,287.98 - 13,287.98 FOOTBALL USA, INC 1,539.00 2,863.30 6,916.14 11,318.44 AMERICAN BUILDING MAINT. 9,079.32 2,084.42 - 11,163.74 ALTERMATT ASSOC., INC - 10,100.28 - 10,100.28 SMITH&GREENE COMP. 16.94 - 9,903.78 9,920.72 NEW ERA CAP COMPANY 8,369.22 1,244.02 - 9,613.24 STOCKEYE CREATIVE 3,500.00 - 5,700.00 9,200.00 PREMIER PROMOTIONAL PRODUCTS - - 8,956.68 8,956.68 COOPERSBURG ASSOC 4,563.45 1,614.15 2,386.61 8,564.21 WESTERN FINANCIAL GROUP 5,798.30 - 2,674.99 8,473.29 CITY OF PDX BUREAU OF H2O 3,931.68 4,194.57 - 8,126.25 PETERS& CO. 725.00 2,440.00 4,935.00 8,100.00 KEY MANUFACTURING &RENTAL - 8,057.77 - 8,057.77 OFFICE DEPOT 191.38 1,826.53 3,060.65 2,722.14 7,800.70 BESTFOODS BAKING COMP. 1,497.01 6,226.61 - 7,723.62 SYSCO FOOD SERVICES 192.24 6,571.88 225.26 6,989.38 GRESHAM SANITARY SERVICE 6,426.84 - - 6,426.84 LEGISLATIVE ADVOCATES, INC - 3,024.00 3,037.00 6,061.00 PETER JACOBSON PRODUCTINS 5,600.00 - - 5,600.00 PREMIER LIFT TRUCK 3,552.62 - 2,021.23 5,573.85 PETER'S OFFICE SUPPLY 1,816.52 1,611.32 1,385.90 442.07 5,255.81 KINK - 5,020.00 - 5,020.00 DAVID EVANS AND ASSOC - - 4,938.75 4,938.75 CINTAS CORP 465.20 1,932.27 2,282.35 4,679.82 ALINCO COSTUMES, INC 4,648.75 - - 4,648.75 ESCHELON TELECOM, INC 1,247.91 403.13 2,850.00 4,501.04 INTERNAT. FACILITIES GRP PROJ. - 4,500.00 - 4,500.00 DEUTSCHE FINANCIAL 3,988.52 - - 3,988.52 DIPAOLA PHOTOGRAPHY, INC 615.00 - 3,315.00 3,930.00 COLOMBIA BASIN PAPER & SUPPLY 2,072.07 1,029.39 680.39 3,781.85 MOSS-ADAMS, LLP - 3,335.00 215.00 3,550.00 HOLLYWOOD LIGHTS 543.75 2,500.00 - 3,043.75 DIVERSEY LEVER INSTIT 155.71 544.77 981.59 1,298.19 2,980.26 XEROX CORP (lease payments) 1,088.68 927.85 927.85 2,944.38 PITNEY BOWES CREDIT - 1,432.44 1,369.21 2,801.65 SPORTSTICKER ENTERPRISES, LP - 1,300.00 1,500.00 2,800.00 BOYA COFFEE COMPANY 883.77 277.11 1,228.80 381.19 2,770.87 IOWA ROTOCAST PLASTICS, INC - - 2,671.55 2,671.55 BOB NAGEL DISTRIBUTION, CO 2,612.27 - - 2,612.27 LILA CLINE 1,229.60 1,167.00 131.33 2,527.93 FERRELLGAS 1,092.00 894.00 435.00 2,421.00 NORTHWEST CONCESSION SUPPLY 2,388.00 - - 2,388.00 AT&T BROADBAND 2,310.64 - - 2,310.64 VERIZON 369.54 948.60 882.58 2,200.72 DAVID R GOODKNIGHT 2,030.00 - - 2,030.00 REHABILICARE - - 1,989.95 1,989.95 TUBE ART DISPLAY, INC 981.61 981.61 - 1,963.22 PETER CORVALLIS PRODUCTIONS - - 1,668.75 1,668.75 TELEPHONE SOLUTIONS, INC - - 1,664.84 1,664.84 MAP LINK-MAP DISTRIBUTORS - - 1,508.32 1,508.32 GRAPHIC BUSINESS SOLUTIONS - - 1,455.50 1,455.50 BEST WESTERN TOWER INN 1,169.20 129.80 - 1,299.00 UPS-53A0E1 - 29.36 1,226.60 1,255.96 TRI-CITY HERALD (CLASSIFIED) - 1,076.54 126.00 1,202.54 VERIZON WIRELESS 1,138.09 - - 1,138.09 UNISOURCE MAINENENCE SUPPLY 28.43 1,081.13 - 1,109.56 KSB LOCK & INSTILLATION 221.00 849.60 - 1,070.60 US BANK CORP. TRUST - - 1,000.00 1,000.00 RALPH LENTZ MFG. CO 259.06 - 675.37 934.43 OSBORNE INNOVATIVE INC. 445.30 442.27 - 887.57 BRETT PATERSON-PHOTGRAPHY - - 886.00 886.00 RAWLINGS SPORTING GOODS - - 832.55 832.55 PIZZICATO, INC 785.94 - - 785.94 ABCO MARKETING - 37.00 729.79 766.79 OREGON SCHOOL ACTIVITIES - - 700.00 700.00 OIL DRILL CORP OF AMERICA - - 692.23 692.23 PHOTO ART - - 635.00 635.00 RESCUE ROOTER - - 586.00 586.00 DOCUMENT SOLUTIONS, INC (877.00) 98.00 10.00 1,277.00 508.00 EDEN ADVANCED PEST TECH 250.00 250.00 - 500.00 UNITED RENTALS (PASCO) - - 426.92 426.92 NORTHWEST RIBBON RECYCLING 250.00 172.35 - 422.35 JEFF FULKS PHOTOGRAPHY - 162.00 243.00 405.00 PORTLAND TRIBUNE (7,466.39) 400.00 7,466.39 400.00 NORTHWEST EXAMINER - - 325.00 325.00 PORTLAND CHAMBER OF COMMERCE - 315.19 - 315.19 BUFFALO WELDING, INC - - 285.00 285.00 RAY'S WHOLESALE MEATS INC. 103.69 - 94.73 198.42 ROTARY CLUB OF TRI CITIES - 140.50 - 140.50 RICHLAND ROTARY CLUB - - 132.00 132.00 CHRIS MITCHELL - - 75.00 75.00 BEAUMONT FLORIST - - 45.00 45.00
WWeek 2015