Thursday, September 26, 2013

New York City Opera Update

The NYT now has the story that that NYCO Board voted to file for bankruptcy
next week unless its funding appeal is successful by Monday. So far, the company
has raised only $1.5M of the $7M it says it needs.

And the $7M would suffice only to complete the current season. NYCO needs
another $13M by December, or next season would be canceled. Who on earth
would contribute on those terms?

Obviously, many of the company's problems are not the fault of the current GM or
board president. But when you announce on September 8 that you need $20M
more by the end of the year, or you'll fold, that's a fail. Anyone thinking of
supporting the company would say, "These people can't count."

If it took until September 8 to announce that they were that far off, then the
current leadership is unfit.

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