Late last month the group that bought and now manages the former Beacon High School—The Beacon Cultural Foundation—announced that they were filing for Chapter 11 bankruptcy. While rising utilities costs were cited as one reason for the BCF’s financial woes, in an article in the Poughkeepsie Journal the cultural foundation’s Sam Yanes revealed what is likely to be the BCF’s strategy in future negotiations with the Beacon City School District. “We paid too much for this place,” Yanes was quoted as saying with regard to the $4.25 million that was paid for the building back in 2003. It’s expected that the BCF will attempt to set the “real” value of the building to somewhere between $1.2 and $2 million dollars and then try to renegotiate the original purchase price of the former high school with the district, which is currently holding the mortgage. This would make the former high school the only property in Beacon that has lost more than half its value over the last three years.