Playbill.com:
The sale of City Opera's assets and name continues to go unresolved.
City Opera filed for Chapter 11 bankruptcy in October 2013. After a court auction was held Jan. 20, a board member of City Opera said the organization preferred the bid made by NYCO Renaissance, even though Opera New York offered $250,000 more, according to the New York Times.
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Once again, the dealings of city opera bankruptcy deal seem complicated and hard to understand. From what I can tell City Opera is hoping to be sold to NYCO Renaissance rather than to Opera New York, even though Opera New York is offering to pay more for more for taking on the companies debts. The reasoning behind this apparently being that NYCO Renaissance has plans for the City opera that are more in line with their current mission. The other interesting thing that this article alluded to was the mismanagement of the company and their endowment by the board, and that the sale of the company is being handled by a judge so that it is not mismanaged. It seems like the mismanagement would have to go quite far before it would get bad enough that responsibility would have to be taken away from the board.
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