 Paisley quickly offered to buy the Princess, and reached an agreement with the Old Strathcona Foundation in October 1994 for an unspecified amount. The banks, however, refused to finance Paisley ’ s plan and the deal fell through in December. The Old Strathcona Foundation quickly pivoted, and attempted in early 1995 to transfer control of the cinema to the Princess Theatre Society, “ a small board made up of film experts and business people ” including Paisley.
