New York City Opera Files For Bankruptcy

The operas long-term structural deficit problems started in 2003, and it blamed its financial condition on a troubled economy, decreased donations, and increasing pension obligations, according to the filing. Closing down would mark the end of a company established as the peoples opera by Mayor Fiorello LaGuardia that became a training ground for young talent that included Beverly Sills and Placido Domingo. It would also leave New York with one remaining major company, the 128-year-old Metropolitan Opera. Donated Elsewhere Cultural institutions and their donors suffered in the financial crisis that started in 2007, and as the economy recovered their donations went elsewhere, said Ted Gavin, a partner at the turnaround and restructuring company Gavin/Solmonese LLC in Wilmington, Delaware . The patrons of the arts in New York City voted with their dollars and gave their money to other organizations, Gavin said in a phone interview before the bankruptcy was filed. Do we have too many operas? Probably. Christopher Koelsch, the chief executive officer of LA Opera in Los Angeles , said New York City Operas closing doesnt mean the biggest U.S. city cant support two operas. Such institutions must be flexible, vigilant and constantly making their case to their constituencies, he said. I would argue in a city of New Yorks size, cultural sophistication and resources that it would be possible to have two entirely vibrant and distinct opera companies, Koelsch said in a phone interview before the filing. The bankruptcy is a good time to pause and reflect on just how fragile some of these institutions are. Urgent Notice The company last week posted an urgent notice on its website seeking donations to help raise $20 million, including $7 million it said it needed by Sept.

New York Knicks: Breaking Down Chatter Surrounding Training Camp

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It is more important for him to be healthy at the end of the season than the beginning. J.R. Smith underwent surgery on his right knee in July. The timetable for his return was originally three to four months. Woodson hopes the shooting guard will be ready for the start of the season, per Tommy Beer of Hoopsworld.com (at which point he will serve a five-game suspension for violating the league’s substance abuse policy). Could not get tweet oembed code for tweet 384709631270199298 Smith admitted he put off the surgery until after he signed a new contract with the Knicks, per Ian Begley of ESPNNewYork.com . Such an approach is common among athletes, and according to Smith, the Knicks knew that was the plan all along. J.R. has been shooting and riding the exercise bike during practice but has not begun running yet, per Chris Herring of the Wall Street Journal. Could not get tweet oembed code for tweet 385452825092055040 He was also seen kickboxing with a Knicks staffer at the team facility as part of his rehabilitation, per Chris Herring. Could not get tweet oembed code for tweet 385447125095833600 Rookie Tim Hardaway Jr., who sprained his left wrist during summer league, has been wearing a wrap on his wrist during practice, per Ian Begley of ESPNNewYork.com. Could not get tweet oembed code for tweet 385091824165335040 Kenyon Martin did not practice on the second day of camp, though he was seen riding a stationary bike, and Woodson said the veteran big man is in good health, per Ian Begley. Could not get tweet oembed code for tweet 385487338790330368 Final Roster Spots The Knicks have 12 players signed to guaranteed contracts. Camp invitees Jeremy Tyler, Cole Aldrich, Ike Diogu, Josh Powell, Toure’ Murry, Chris Smith (J.R.’s brother), Chris Douglas-Roberts and undrafted rookie C.J. Leslie will be fighting for the final two roster spots. Tyler appeared to have the inside track on one of those spots after an impressive showing for the Knicks’ summer league team, but his odds of making the team took a hit when he was forced to undergo surgery to repair a stress fracture in his right foot in early September. The initial timetable for his recovery was eight to 10 weeks. Tyler drew laughs when he rode into media day on a scooter, per Jonah Ballow of Knicksnow.com. Could not get tweet oembed code for tweet 384786961581342721 Douglas-Roberts was a late edition, having signed on the second day of camp. He took Justin Brownlee’s spot amid rumors that Brownlee had gotten hurt, per Ian Begley of ESPNNewYork.com. Could not get tweet oembed code for tweet 385441823532916736 CDR is an intriguing option for the Knicks.

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