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How Korea’s Largest Theater Chain Lost a Fortune in America
CGV, South Korea's largest theater chain, paid millions to avoid embarrassment after opening a theater in San Francisco's Tenderloin neighborhood.
Though it had since been turned into an AMC, it retained historic touches such as an ornate double staircase, and, over the entrance, a Cadillac crest flanked by nude terra cotta figures holding tools and automobile wheels. “The CGV Parties wanted to avoid the adverse publicity which would arise if it became known that they owned property in an American city in decline like San Francisco,” wrote the arbitrator, Bruce Isaacs. “And, ironically, the CGV Parties wanted to avoid the adverse publicity which would arise if it ever became known that they gave away a valuable piece of commercial property in San Francisco essentially for free.”
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