More information from the filings is after the jump.
And many thanks to a commenter who pointed out the existence of the foreclosure filing, which led to the information on the bankruptcy filing.
Some interesting facts from the bankruptcy filing:
- In December 2011, the property owner sought approval form the bankruptcy judge to sell the property to Abeba Beyene, the owner of Mood Lounge, for $1.8 million. In late January 2012, the owner withdrew the request, stating that "the proposed purchaser has been unable to secure financing."
- The value of the property (1318 9th Street, NW) is listed as $1.8 million.
- The United States Small Business Administration appears to have provided the owner of the property with a $500,000 second mortgage.
- Although the owner filed for bankruptcy, its court filings indicate that its assets exceed its liabilities by over $300,000, and it reported positive cash flow in the most recent monthly operating report.
- As of November 10, 2011, the owner listed assets of $1.843 million and liabilities of $1.499 million.
- The owner reported monthly income in December 2011 of approximately $20,000. It is not clear if the Mood Lounge lease is the source of all of the income.