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Case Study: Historically Black College

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With all these obstacles proving too much to hurdle, the church along with the Save Our Stax organization and the Pyramid Management Authority agreed to a compromise in September 1989. In it, Ward Archer Jr, et al agreed to drop their lawsuit against the church. The South Side Church of God in Christ agreed to sell the demolition rights to the Pyramid in exchange for $1,500. Additionally, the Pyramid made a ten-thousand dollar donation to both the church and LeMoyne-Owen College, a Historically Black College (HBCU) located a few block from the Stax building in South Memphis. At a press conference held on the LeMoyne-Owen campus to announce the compromise and present the checks to the college and church, Shlenker said, I am not the savior …show more content…
However, due to this arrangement many investors and sponsors were weary to commit funds to the Pyramid. Additionally, the United States economy entered into a recession in 1990 due to a restrictive monetary policy set by the President George H.W. Bush administration to curb inflation. On top of that, the growing instability in the Middle East, the largest supplier of oil to the United States, and a pending military conflict with Iraq over its invasion of Kuwait, the banks and corporate sponsors became more reluctant to part with its cash. While additional charges of financial mismanagement, a disastrous opening that included a flood on the first floor, serious cost overruns, and an internal struggle of control between Tigrett and Shlenker, it is no wonder that the Pyramid became a public relations catastrophe that saw no progress in the development of a music museum at its base. At one point, Shlenker had secured significant financing from Société Générale, a French bank, for the music museum and other amenities. However, the bank withdrew its offer after it received an anonymous letter from a Memphis citizen that called into question Shlenker’s ability to secure the remaining funds and the growing distrust between him and the city of Memphis. With that and several other internal dysfunctions, the people of the Memphis and the Pyramid ran Shlenker out of town, somewhat justifiably vilified him, and became liable for the costs and shortcomings of the grandiose project that now lacked any drawing power or commemoration of Stax. Sherman Wilmott recalls, “That is the way Memphis was in 1989. There was just no movement for historic preservation or appreciation of culture or any

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