MPTF Facing “Imminent Demise” & Prospect Of Going Out Of Business By Year’s End Unless It Raises $10-12 Million Soon
says in an urgent appeal that’s going out to some 600 industry leaders. “To put it bluntly, the MPTF legacy and mission – our ability to exist – are in real jeopardy. Our ability to continue to support the thousands of industry members on our campus and in the community who depend on the MPTF for food, shelter, charitable assistance, medical care and socialization, literally hangs in the balance. Without some dramatic infusion of funds, we will not be able to take care of our own much longer.
“If we don’t raise $10-$12 million by the end of the year in cash, then we risk breaking our bank covenant. What the bank does after that is really unclear. The bank has a lot of options, but in theory it could push us to the point of insolvency. As for the 250 retirees who live on the MPTF’s campus in Woodland Hills, Beitcher said: “It’s unthinkable to me that our industry would fail to find the generosity to keep MPTF going, but you can imagine that over 250 residents, many of whom are the most frail and vulnerable in our community, of being forced out, to live their final years in much lesser conditions because we couldn’t find the philanthropy to sustain this enterprise.
As an industry leader, you can make a difference in the lives of those who worked to sustain our industry by matching my own personal giving pledge of at least $20,000 per year for five years. And you can help further by introducing us to new potential donors.” The MPTF will also be reaching out personally to 50 or so top industry leaders who can make “much larger gifts,” he said. “It’s all hands on deck. There are giants in our industry – companies and individuals – who have done exceptionally well for themselves financially in the entertainment industry over the years.
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