National Museum Of American Jewish History Officially Emerges From Chapter 11 Reorganization

Museum Chapter 11 exit plan effective as of September 17, building purchase complete

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National Museum of American Jewish History

Sep 20, 2021, 17:04 ET

PHILADELPHIA, Sept. 20, 2021 /PRNewswire/ -- The National Museum of American Jewish History (NMAJH) officially exited Chapter 11 Reorganization on Friday, September 17, 2021 in accordance with the Reorganization plan confirmed on September 2, 2021 by Chief Judge Magdeline D. Coleman of the United States Bankruptcy Court for the Eastern District of Pennsylvania.

The conclusion of the Reorganization proceedings was made possible thanks to a $10 million commitment by former NMAJH Trustee Mitchell Morgan and his family. The Morgan Family concluded their purchase of the Museum's building on Friday, September 17, 2021 through their business entity, PHL Masada LLC.

"Mitch is a mensch and a hero in the Jewish community," said Dr. Misha Galperin, NMAJH CEO. "The initiative Mitch and his family have shown brings stability to this Philadelphia institution and preserves a beautiful treasure for the Jewish community, for the City of Philadelphia, and for our nation."

The Morgan Family is not alone in its generosity to the Museum as it has worked in earnest to reorganize in the midst of a pandemic. A number of the Museum's individual bondholders, a list that includes Morgan, are also contributors who generously forgave debt totaling $14 million.

Galperin added, "We stand today energized for our bright future."

Download NMAJH images and Morgan Family Photo; credit lines enclosed

ABOUT THE NATIONAL MUSEUM OF AMERICAN JEWISH HISTORY
Established in 1976, and situated on Philadelphia's Independence Mall, the National Museum of American Jewish History is the only museum in the nation dedicated exclusively to exploring and interpreting the American Jewish experience. NMAJH presents educational programs and experiences that preserve, explore, and celebrate the history of Jews in America. Its purpose is to connect Jews more closely to their heritage and to inspire in people of all backgrounds a greater appreciation for the diversity of the American Jewish experience and the freedoms to which Americans aspire. http://nmajh.org

ABOUT MITCHELL MORGAN
Mitchell Morgan is a former NMAJH Trustee who served for 12 years. The Mount Airy native worked full-time through business school and law school at Temple University, where he currently serves as the Chairman of the Board of Trustees. Since 1985, he has served as founder and CEO of Morgan Properties, the nation's largest private multifamily owner. Through the Morgan Family Foundation, Mitchell and his family have supported NMAJH, Children's Hospital of Philadelphia, The Barnes Foundation, The Philadelphia Orchestra, Philadelphia Museum of Art, and many more local institutions.

SOURCE National Museum of American Jewish History