NYC Opera's Ch. 11 Is A Cautionary Tale For Arts Community

Law360, New York (October 7, 2013, 2:08 PM EDT) -- Cultural organizations have been fighting to keep up funding for the better part of a decade, but the 70-year-old New York City Opera Inc.’s recent bankruptcy announcement served as an especially rude wakeup call to the arts community: Without donor support, it’s curtains.

Dubbed “The People’s Opera” due to its affordable ticket prices, the nonprofit filed its voluntary bankruptcy petition Thursday after a failed campaign to raise $7 million. The opera did everything a cash-strapped and debt-laden company should do: It reduced its staff, cut back...
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