Popular DC Club Owner Files for Bankruptcy

Thanks to Listen to Leon, I discovered that popular club owner, Marc Barnes, is filing bankruptcy. According to the Wall Street Journal, Marc S. Barnes and his Love and the Park at 14th filed Chapter 11 petitions last week to ward off their creditors and ensure the pending sale of Love, a four-story mega club, goes off without a hitch. In its Chapter 11 petition, Park said it has up to $50,000 in assets and between $1 million and $10 million in debts. Park, which opened a few years ago amid the K Street renaissance that saw trendy nightclubs sprout up on a street usually reserved for stodgy lobbyists and lawyers, said it was current on its monthly obligations. It sought bankruptcy out of concern that creditors of Barnes and Love would pursue its assets, which were used to cross-collateralize much of their debts.Both the Barnes and Love reported assets and debts each in the range of $1 million to $10 million. Barnes’ creditors include Citi Cards, Countrywide Homes Loans, GMAC Mortgage, Honda Finance Exchange Inc., the Internal Revenue Service and Saks Fifth Avenue. No comment or response from Barnes has been provided yet. Full story here.

(….if you’re from or live in DC, you’ve heard of all the drama that surrounds the way Barnes does business; promoters, celebs, employees and regular patrons complain about his style of business….rumors and horor stories of his conduct our endless…regardless, he seems to continue to host the biggest celeb-filled parties that this area has ever seen…if i was a gambling chick, i’d bet money this won’t stop him 😉

More updates lata!

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One Response

  1. I agree. He’s going to find a way out of this or around it. I’m sure he’s got dough stashed away for this kind of thing…although I’m surprised he didn’t try to sell Love years ago after the drama that led to the name change from “Dream.”

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