tag:blogger.com,1999:blog-19747701.post8795551640192429224..comments2023-10-25T07:30:33.140-04:00Comments on Adventures in the Endless Pursuit of Entertainment: The Baltimore Opera Bankruptcy (This is not legal advice!)Sarah B. Robertshttp://www.blogger.com/profile/01515476679981650807noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-19747701.post-35614707981828495752009-04-30T16:29:00.000-04:002009-04-30T16:29:00.000-04:00According to the website "the deal," the Baltimore...According to the website "the deal," the Baltimore Opera listed assets of $3.8 million and liabilities of $1.4 million in court papers.<br /><br />http://www.thedeal.com/dealscape/2009/04/when_arias_become_funeral_dirg.phpCharles Myersnoreply@blogger.comtag:blogger.com,1999:blog-19747701.post-56731682262882898212009-04-23T11:34:00.000-04:002009-04-23T11:34:00.000-04:00Here is an article on what Pennsylvania is doing t...Here is an article on what Pennsylvania is doing to support arts organizations. Too bad that the State of Maryland couldn't help the Baltimore Opera.<br /><br />"Pittsburgh Opera receives $1 million grant from state<br />Wednesday, April 15, 2009<br />By Andrew Druckenbrod, Pittsburgh Post-Gazette<br />No telling how well Gov. Edward Rendell sings, but the Pittsburgh Opera was all ears when he presented the company with a $1 million Capital Budget Redevelopment Assistance grant at the Allegheny County Courthouse yesterday."<br /><br /><br />http://www.post-gazette.com/pg/09105/962805-388.stmCharles Myersnoreply@blogger.comtag:blogger.com,1999:blog-19747701.post-41967630241393580402009-03-14T20:19:00.000-04:002009-03-14T20:19:00.000-04:00From the Baltimore SunBaltimore Opera Company to c...From the Baltimore Sun<BR/><BR/>Baltimore Opera Company to close<BR/><BR/>Board of trustees votes to pursue Chapter 7 liquidation three months after filing for Chapter 11 protection<BR/><BR/>By Tim Smith | tim.smith@baltsun.com <BR/><BR/>March 13, 2009 <BR/><BR/>Three months after seeking Chapter 11 bankruptcy protection and canceling the remainder of the 2008-2009 season, the board of trustees of the Baltimore Opera Company voted yesterday to pursue Chapter 7 liquidation instead and dissolve the 58-year-old organization. The company's assets, including a warehouse, scenery, costumes and technical equipment, will be sold, and the proceeds will be distributed among creditors.<BR/><BR/>"We had some promises of money, but there just wasn't enough out there," said general manager M. Kevin Wixted. "To raise money for a season of opera was out of the question. We could have struggled on month to month, but we'd never get ahead. I know people wanted to believe we'd come back. But in this business, you have to depend on raising big money from people."<BR/><BR/>Added board chairman Allan Jensen: "Maybe part of the problem was that we tried to put on world-class productions in a town that wasn't ready to pay for them. Ticket sales take care of only a small part of the costs."<BR/><BR/>Baltimore Opera, like many arts organizations, experienced a steep drop in income from tickets and contributions last fall as the national economy soured. Cash flow reached such a critical state that a board member had to personally guarantee cast salaries for what turned out to be the company's final production in November at the Lyric Opera House.<BR/><BR/><BR/><BR/>"We've lost many of our corporate contributors that used to be headquartered here. And we had no endowment," Jensen said. "The final nail in the coffin was the recession."<BR/><BR/>The company filed for Chapter 11 protection Dec. 9. Wixted said it could take 60 days or more for the Chapter 7 filing to get through the courts for a trustee to be appointed to oversee the liquidation.<BR/><BR/>"It's been a rough three months," Jensen said. "Obviously, we're disappointed. There were moist eyes at the board meeting, as you can imagine. I hope that a phoenix will arise from the ashes. My presumption is that, when economic times get better, a handful of people will get together to create a new opera company. There have been rumors that Washington National Opera would bring some of their productions to the Lyric."<BR/><BR/>Mark Weinstein, executive director of Washington National Opera, had no comment about those rumors. He called the news of the liquidation "just unbelievable. It's extraordinarily sad for all of us in the opera industry. The company had a great history. I can't imagine the city of Baltimore not having a major opera company. Washington National Opera stands ready to assist in any way we can."<BR/><BR/>Wayne Brown, director of music and opera for the National Endowment for the Arts, likened the loss of the company to "a member of your family who is no longer there. It's unfortunate that the Baltimore Opera as we know it may soon be history. It achieved terrific accomplishments."Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19747701.post-5320175333691471912009-03-09T09:59:00.000-04:002009-03-09T09:59:00.000-04:00The Baltimore Sun has an article today:http://www....The Baltimore Sun has an article today:<BR/><BR/>http://www.baltimoresun.com/entertainment/arts/bal-opera0308,0,5748884.story<BR/><BR/>Not much news, though.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19747701.post-57464837510027562842009-02-26T11:44:00.000-05:002009-02-26T11:44:00.000-05:00Dear Charles Myers, Unfortunately, I don't know th...Dear Charles Myers, Unfortunately, I don't know the answer to your questions. I suspect, based on what I know about big corporate bankruptcy cases like the airlines, etc, that they didn't continue to operarate because they did not get debtor in posession financing. That could still happen. The US Trustee just appointed an Unsecured Creditors Committee on February 6th: 1. American Guild of Musical Artists attn Eleni Kallis, Mid-Atlantic Area Rep; 2. Lyric Foundation, LLC attn Sandy Richmond; 3. Lyric Productions, LLC attn Sandy Richmond; 4. DCM, Inc. attn Matt Svigals, Director of Operations; and 5. Diversified Printing attn James MacFarlane. This committee will help push decisions on behalf of all the unsecured creditors. Meanwhile, a plan and disclosure statement have still not been filed. I will keep watching for these, because they will give us some indication of what the Baltimore Opera plans to do.Sarah B. Robertshttps://www.blogger.com/profile/01515476679981650807noreply@blogger.comtag:blogger.com,1999:blog-19747701.post-44534323237964991472009-02-23T18:06:00.000-05:002009-02-23T18:06:00.000-05:00What is the real story behind the bankruptcy of th...What is the real story behind the bankruptcy of the Baltimore Opera Company? Airlines go into bankruptcy and continue to operate. Why couldn't the Opera?<BR/><BR/>Why didn’t management and the board of directors have better control of the finances of the Baltimore Opera? Was there an endowment fund which could have been tapped? What percentage of available tickets were sold for this season’s two performances? Why was there no appeal for contributions from season subscribers and the public prior to the bankruptcy filing? <BR/><BR/>The company announced that it plans to undergo an administrative re-organization and return grand opera to the stage. Since there were no refunds for tickets for the balance of the season, how can they expect to sell tickets for anything unless advance ticket revenue is placed in an escrow account?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19747701.post-190703813118197632009-01-17T19:18:00.000-05:002009-01-17T19:18:00.000-05:00Terrific to know what C.T.C. does. It's expeciall...Terrific to know what C.T.C. does. It's expecially terrific to know it's not a frivolous expense. Anybody can obtain the documents via PACER. You just need to get a login/password. It's very inexpensive at 8 cents per page. <BR/>The link is w/in the post.Sarah B. Robertshttps://www.blogger.com/profile/01515476679981650807noreply@blogger.comtag:blogger.com,1999:blog-19747701.post-41496857046702658442009-01-17T18:16:00.000-05:002009-01-17T18:16:00.000-05:00how fascinating! Thanks so much for digging!As for...how fascinating! Thanks so much for digging!<BR/><BR/>As for the 'spa'- S.p.A. is the Italian equivalent of 'Inc' in an American company name. It's an abbreviation for Società per Azioni, a type of joint stock company. <BR/><BR/>There are several Italian companies called (or rather, abbreviated as) C.T.C. S.p.A. One has a website here: http://www.ctcspa.com. They make elevating platforms.<BR/><BR/>Do you have a link for the Chapter 11 documents? I'd love to read more.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-19747701.post-88319382342947567472009-01-17T14:34:00.000-05:002009-01-17T14:34:00.000-05:00Thank you, William. If C.T.C. Spa is a set design...Thank you, William. If C.T.C. Spa is a set designing or construction company, why would Baltimore Opera pay only $15k for sets and why would they come all the way from Milan, IT? If they came from Milan, IT, wouldn't they cost more? There is no consideration listed for the claim. Perhaps, it's not a "spa" as we know it in the USA. C.T.C. SPA on Italian Yahoo at the address Viale Legioni Romane 43 in Milan is listed as "cinema". http://www.prontoimprese.it/lombardia/milano/milano/cinema|313012.htmlSarah B. Robertshttps://www.blogger.com/profile/01515476679981650807noreply@blogger.comtag:blogger.com,1999:blog-19747701.post-71592954986892332572009-01-17T14:12:00.000-05:002009-01-17T14:12:00.000-05:00I heard about the Spa claim from a friend who said...I heard about the Spa claim from a friend who said that after the Baltimore Sun reported it, they published a correction/apology. I think he said that the C.T.C. SPA was building their sets or something legit like that. I couldn't find anything on line to support it but thought you would like to know.Unknownhttps://www.blogger.com/profile/12304678369516133755noreply@blogger.comtag:blogger.com,1999:blog-19747701.post-65905089820810875552009-01-17T09:43:00.000-05:002009-01-17T09:43:00.000-05:00Thanks for that great post! We musicians need mor...Thanks for that great post! We musicians need more business support and I'm glad you are out there! Please keep us posted on the goings of Baltimore Opera.<BR/><BR/>Keep warm!<BR/><BR/>ElizabethAnonymoushttps://www.blogger.com/profile/00759821205959428594noreply@blogger.comtag:blogger.com,1999:blog-19747701.post-18982233280490076722009-01-16T17:04:00.000-05:002009-01-16T17:04:00.000-05:00Aw, my poor Baltimore! The only opera I have ever...Aw, my poor Baltimore! The only opera I have ever seen was at the Lyric (Cinderella as I recall, I was only 7 or so). But I'm really thankful and not surprised that the other theaters are pitching in. Baltimore has a really tight knit art community.Katie Ganemhttps://www.blogger.com/profile/09488131828532333140noreply@blogger.comtag:blogger.com,1999:blog-19747701.post-21579304587062501652009-01-16T16:05:00.000-05:002009-01-16T16:05:00.000-05:00You're such a smart cookie :), and using your powe...You're such a smart cookie :), and using your powers for good.karigeehttps://www.blogger.com/profile/16313190790440833847noreply@blogger.com