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Pravda propagates false story that Philadelphia Orchestra is bankrupt

The Fabulous Philadelphians meet the Confabulating Washingtonians! Right in the lead:

The Philadelphia Orchestra, these days, has become a symbol for bankruptcy and a threatened future. And the orchestra’s performance at the Kennedy Center on Friday night was a test of how these seemingly contradictory things could coexist.

There's no contradiction at all, because there's no bankruptcy. The putative bankruptcy is a scheme by a second-rate board to cover its management mistakes by busting the musician's union and looting its pensions, and the Orchestra has over $100 million in the bank.

It's hard to imagine a better candidate in Philly for non-violent occupation [#172] to defend union rights than Kimmel Center, right there at Spruce and Broad:

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Maybe somebody should do something.

NOTE Easy for me to say, of course, since I don't live in Philly any more, but still, keeping the Philadelphia Orchesta the treasure it is strikes me as something that "all walks of life could get behind, especially if one outcome was to throw out the board.

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Submitted by jawbone on

who think like our MOTU's and banksters. Even about national treasures like the Philadelphia Orchestra.

In NYC, New York City Opera's board has voted to move out of Lincoln Center (and I am not at up to date on the reasons) and is also going after the...guess who!...unions.

Gee, this nation is falling apart while installing its oligarchy through Corporatist pols. Decline of Empire, and we are not doing it well at all. Cultural institutions, education, politics, journalism. And, of course, the idea 20-odd % of the work force can be un-, under-, and DIS- employed.

Sheesh.

Anyone here know what's really going on with NYCOpera? I undersand it's the poor child of Lincoln Center, with seemingly serious money problems.

CMike's picture
Submitted by CMike on

>>>>>[S]tring attached in 2003 to Leonore Annenberg's donation

When Leonore Annenberg, widow of billionaire publisher Walter Annenberg, decided to give $50 million to the endowment of the Philadelphia Orchestra, she created a donor agreement stipulating in great detail how the money should be handled, and how the investment proceeds could be spent.

The 2003 gift, the largest in the orchestra's history, remains the keystone in the group's endowment, contributing up to several million dollars a year to the budget.

But turning over $50 million wasn't the end of the Annenberg Foundation's relationship with the orchestra. Although Leonore Annenberg died in 2009, the 12-page agreement bearing her signature remains in effect, and among the controls it outlines is a startling stipulation:

The foundation may ask for the money back if the orchestra files for bankruptcy.

The Philadelphia Orchestra Association filed for reorganization last month, unleashing fears that the Annenberg Foundation will try to reverse its munificence....

Several observers close to the situation, who declined to be identified, said they could not predict whether the $1.7 billion Annenberg Foundation would try to recall the balance of the donation - a gift made, to a large extent, based on the warmth between Leonore Annenberg and former orchestra music director Christoph Eschenbach....

But the clause claiming the foundation's right to take back the money adds considerable risk to the orchestra's April 16 decision to file for reorganization.

If the judge decides that bankruptcy claims can be paid out by "invading" the orchestra and Academy of Music's $140.5 million endowment, orchestra leaders and others said, the Annenberg Foundation might be more likely to press for its portion....<<<<<