Cradle Of Aviation Gets Its "Last Gasp"

Lawmakers in Nassau County, NY voted Monday to bail out the Cradle of Aviation Museum. They did so without dissent -- but they also issued a warning.

"This is the last gasp," Legis. Craig Johnson said. "If they don't get their act together, I will call on the county executive to call them in default."

Under the bailout plan, the county will give the Mitchel Field museum $500,000 through the rest of this year, and will waive $2.5 million in debt by July if the museum meets its fiscal targets. Another condition of the agreement is a full audit of the museum's books -- which museum executives say is just fine by them -- and the county's appointment of a consultant to oversee the museum's recovery.

Newsday reports if the museum fails to make a profit, it will be forced to repay $2 million to the county,

The museum is well-regarded in Nassau County, but had problems early-on with financial mismanagement at the top and was near the end before Monday's decision.

 One of those conditions is a full audit of the museum's books -- which museum executives say is just fine by them -- and the county's appointment of a consultant to oversee the museum's recovery.

FMI: www.cradleofaviation.org