THERE may be a few more reels to come in the story of the Academy Twin, despite the announcement that the arthouse cinema will close at the end of the month.The Paddington building’s owner, the Greek Orthodox Community of NSW, says it is still considering a deal with the operator, Palace Cinemas, and will make a decision at a meeting on Tuesday.The Greek community’s president, Harry Danalis, said even if Palace’s latest offer was rejected, the community was in talks with two other chains to ensure the venue continues as a cinema.Palace says that after five years of negotiating, it has no choice but to proceed with its plans to close the Oxford Street cinema on June 27.The sticking point is the rent. ”The problem is they want us to reduce the rent by about a third of what they’ve been paying for the past five years,” Mr Danalis said.”Our aim is to keep Palace there but they have to pay a commercial rent. The Greek Orthodox Community is not in this to make a profit. We’re a charitable organisation.”Palace disputes that it will not pay a commercial rent, but says it cannot run a profitable operation paying what the community is asking for.The company’s executive director, Benjamin Zeccola, said: ”We’ve offered a rent to them that would leave us in a loss-making position, albeit a small one. What they want is outrageous, given the amenity of the cinema and their lack of interest [in giving] it any care.”Offers to revamp and expand the cinema had been rejected, he said. The company had to proceed with its plan to close. ”We have to notify staff, book removalists for the seats and projection equipment, get engineers and techies to decommission the cinema. All that takes time.”