New York City Opera Files for Bankruptcy

[hrmjustin]

By MICHAEL COOPER

New York City Opera, which was founded 70 years ago to help bring opera to the masses, filed for Chapter 11 bankruptcy protection on Thursday after an urgent $7 million fund-raising appeal fell short last month.

The dying opera company said in court papers filed in United States Bankruptcy Court in the Southern District of New York that its assets were worth $7.7 million — which includes the remainder of its endowment and some pledges that have not been received — and that it had liabilities of $5.6 million, including pension obligations. The company said in court papers that it was evaluating the restrictions on the endowment fund and that it would not withdraw money from it without court permission.

The filings show in stark legalese the death throes of the company that George Steel, its final general manager, describes in court papers as “one of America’s pre-eminent cultural institutions.” The troupe, which balanced its budget over the last two years, still had an accumulated deficit of $44 million as of last year, the filing said. Its endowment, which was once $55 million, had dwindled to around $4.5 million.

“Because of N.Y.C. Opera’s lack of liquidity, pension obligations and the many other issues listed above, N.Y.C. Opera made the difficult but necessary decision to file for Chapter 11 protection,” Mr. Steel said in court papers.

Read more at http://www.nytimes.com/2013/10/04/arts/music/new-york-city-opera-files-for-bankruptcy.html?partner=socialflow&smid=tw-nytmetro&_r=0

[longship]

1. "Bubbles" was a former general manager.

Beverly Sills had a wonderful voice. She served as a much beloved General Manager of the NYC Opera.

Here she is at the end of her singing career.

And the ever immortal "Pigoletto" from the Muppet Show.

How can one not like this stuff?

[defacto7]

3. She hated that name....

and she pretty much hated me too. She actually had a very long black list. I started my NY career at NYCO once she left as director. It really brings back a lot of very good memories. I think I did 6 principal roles there before moving on. Placid Domingo get his NY start there as well. I hate to see it go. It was fun to have the NYC Ballet on the top floor and I do remember being in the elevator with Mikhail Baryshnikov once. Memories.

[longship]

4. My sister was a costume designer for the NYC Opera under Beverly Sills.

It's been a long time, and she also worked for years under Robert Altman, including an opera he produced.

Opera is a wonderful art form. My favorites span many genres. From Monteverdi to Philip Glass. I am transfixed by both L'Orfeo and Satyagraha and that the fact that their music spans centuries.

And not all music has to be melodic. I would love to see a live performance of Wozzek, by Alban Berg.

Duke Ellington said it right. "If the music sounds good, it is good."

Mark Twain said it this way, when interviewed by a New York reporter upon leaving a performance of a Wagner opera. "Wagner's music isn't as bad as it sounds."

I will leave it to other DUers to decide what is best. Gawd! I hope it isn't Rap! But that's just my opinion. I prefer Bach, or Mozart, or Brahms, or Ives... Etcetera.

[gopiscrap]

2. THat is so sad.

[longship]

5. Here's a retrospective.

Best to click through. From the NYT Blog.

Remembering City Opera "we will miss it more than we realize."

Alas! Art needs support. If it does not happen, this is what happens!

Shame!

[hrmjustin]

6. Congrats on 20,000 posts my friend!

[longship]

7. Gees, have I bloviated that much already?

Thanks, hrmjustin. Much appreciated.

[hrmjustin]

8. Your Welcome. I am going to get to 20,000 soon.

My profile says I have over 8,000 posts in the past 90 days.