Saturday, October 4, 2008

Loma Theater set to close Oct. 23

Bank, Bursum III searching for new theater managers

Gerald Garner Jr. El Defensor Chieftain Editor, ggarner@dchieftain.com

Holm Bursum III doesn't want this real-life drama to end as it appears it will.

That's why the First State Bank president has been scrambling to find someone to take the management reins of Socorro's Loma Theater after Storyteller Theaters Corp. — the company that operates the local theater and owns the film equipment — announced it will terminate its lease on Oct. 23.

"This letter will serve as notice as per section 3 of the Lease Agreement dated May 7th, 2005 between Storyteller Theaters Corporation as successor to Trans-Lux Loma Corporation and First State Bank that Storyteller Theaters Corporation will terminate this lease effective 45 days from the date of this letter, which is Oct. 23, 2008," Storyteller CO-CEO Thomas Brandt wrote on Sept. 9.

The last thing Bursum III wants is for the curtain to fall for good in Socorro.

"A movie theater is almost as important to a small town as its newspaper," he said during a Thursday, Oct. 2, interview. "So we've been doing everything we can to find someone locally to take over the theater's management."

Bursum's First State Bank owns the building in which the Loma is housed. Although the name and location have changed, the theater has been a part of Socorro's history for nearly 100 years.

As such, Bursum III said he's not willing to give up without a fight.

That fight has seen the bank lower the theater's monthly lease from $1,400 to $700 and from $700 to $350.

Despite those efforts to minimize costs at the theater, Storyteller reported a $10,000 loss through July 2008 and anticipates the deficit to rise to $15,000 by year's end. That prompted the lease termination, Bursum III said.

And without anyone coming immediately to the local theater's rescue, Bursum III approached representatives at New Mexico Tech and the City of Socorro to see if they might be willing to step up to the plate.

"Both Tech and the city said they just couldn't see how they could run a theater," Bursum III said. "I can understand why they wouldn't want to."

Bursum III said he's still holding out hope that someone will come forward to save Socorro's theater.

"It's really important for a small community like Socorro to have a theater," he said. "The youth really need a place like this. It would be a real shame to lose it."

Bursum III said anyone who is interested in trying his or her hand at movie theater management should contact the bank at 575-835-8250.

E-mail this story Printer-friendly version