Allan was quoted as saying that the club “was never intended to make money.” He said that he had to declare bankruptcy because of two lawsuits against him. He said he paid $570,000 in startup costs and $120,000 in 2004. Finance director Jack Meyers disputed that figure and said that Fingerhut hadn’t put any money into the club since 1979. (Minneapolis Star and Tribune, November 13, 2004)
New York Times:
“I got beat out of my bar fair and square, but I don’t want to be attacked anymore,” [Allan] said. “How can I be the bad guy in all of this? I lost $800,000 and half my hearing keeping this place going as long as I did.”
At that point Allan owned three art galleries that generated $5 million in sales the year before. “Still, nothing can make up for the First Avenue debacle. Losing that club was like losing a child,” he says. (Inc.com)