New York City Opera Files For Bankruptcy

Princess Eugenie of York, Sarah Ferguson shop in New York City’s SoHo

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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. 30 for the current season. The remaining productions for this season were Johann Christian Bachs Endimione, Bela Bartoks Bluebeards Castle and Wolfgang Amadeus Mozarts The Marriage of Figaro, according to the website. The company sat out the 2008-09 season, while the New York State Theater (renamed for donor David Koch ) was renovated. In late 2008 and early 2009, the board of directors used $24 million from its endowment to meet payroll and other obligations and hasnt been able to repay it, according to the filing. City Operas endowment totaled $5.02 million for fiscal year 2012, down from $9 million a year earlier and $55 million several years ago, according to the filing. The endowment lost $14 million during the stock market decline, the company said in the filing. Poor Decision According to an accounting of New York City Operas financial collapse filed in the bankruptcy court , the opera company made a poor decision in the mid-2000s when it chose to increase the number of performances of standard repertoire warhorses to reduce costs and increase audiences.

“The state’s customer service center operators have provided information to and answered questions from more than 9,000 New Yorkers,” she said. “Today, like all other states, New York’s website is experiencing significant levels of activity, which is causing some users to experience difficulty entering the site and delays in application processing.” Related on HuffPost: Loading Slideshow 10. France Total expenditure on health per capita: $3,978 Expenditure as % of GDP: 11.8% (3rd most) Annual growth of total health expenditure: +2.7% (18th most) Life expectancy: 81.5 years (8th highest) Source: 24/7 Wall St. 9. Germany Total expenditure on health per capita: $4,218 Expenditure as % of GDP: 11.6% (4th most) Annual growth of total health expenditure: +4% (15th most) Life expectancy: 80.3 years (18th highest) Source: 24/7 Wall St. 8. Austria Total expenditure on health per capita: $4,298 Expenditure as % of GDP: 11% (8th most) Annual growth of total health expenditure: +2.2% Life expectancy: 80.4 years (16th highest) Source: 24/7 Wall St. 7. Denmark Total expenditure on health per capita: $4,348 Expenditure as % of GDP: 11.5% (6th most) Annual growth of total health expenditure: +6% (11th most) Life expectancy: 79.0 years (25th highest) Source: 24/7 Wall St. 6. Canada Total expenditure on health per capita: $4,478 Expenditure as % of GDP: 11.3% (7th most) Annual growth of total health expenditure: +7.4% (7th most) Life expectancy: 80.7 years (tied for 12th highest) 5. Luxembourg Total expenditure on health per capita: $4,808 Expenditure as % of GDP: 7.8% (7th least) Annual growth of total health expenditure: +8% (6th most) Life expectancy: 80.7 years (tied for 12th highest) Source: 24/7 Wall St. 4. Netherlands Total expenditure on health per capita: $4,914 Expenditure as % of GDP: 12% (2nd most) Annual growth of total health expenditure: +16.4% (the most) Life expectancy: 80.6 years (14th highest) Source: 24/7 Wall St. 3.

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Related Stories True-ly ready to play house Princess Eugenie of York made time for a spot of shopping with her mum in SoHo in New York on Wednesday. The 23-year-old princess youngest daughter to Sarah Ferguson and her royal ex, Prince Andrew , Duke of York has moved to New York for a job. Bowery Boys Princess Eugenie and mom Sarah Ferguson indulge in some quality time and retail therapy in SoHo on Wednesday. The princess, wearing a short black skirt with white polka dots and practical black flats, went mostly unnoticed on the busy Manhattan streets as she exited the offices of Paddle8, the online art auction company where she works. She strolled from Little Italy to SoHo, where shes rented an apartment, and met up with her famous, flame-haired mom. Bowery Boys Sarah Ferguson and Princess Eugenie out and about in SoHo on Wednesday. The young art lover has rented an apartment in the famous Manhattan neighborhood. The Duchess of York, in a bright pink dress with a black sweater thrown over her shoulders, seemed to be in the mood to spend. She carried three shopping bags plus her purse, while Eugenie, her dark hair pulled into a casual bun, was empty-handed. The young art lover spent a long summer vacation with her mother and older sister, Princess Beatrice, in Venice before buckling down to her new gig at Paddle8 auction house.