Syracuse Symphony Orchestra faces creditors in US Bankruptcy Court
In the court, Philip MacArthur and Bill Harris were thinking about how to keep the SSO’s library of sheet music. They are musicians, MacArthur on the oboe, and Harris, on the trombone, who retired and now lead the union that represents the musicians’ contract with the SSO. With their colleagues, they made a career’s worth of hand-written notes on the sheet music they say can never be replaced. Other creditors came to ask Paul Brooks, the SSO’s former interim executive director, questions. He repeated the recent narrative about the symphony’s fundraising efforts, negotiations with the union and how they could not longer make payroll. Brooks said the SSO started the season with a deficit, but had every reason to think it could raise enough money to finish it.
If I were running M&T Bank, I'd go through the process of foreclosing the assets and then donate them to a newly formed non-profit orchestra entity that might get a show together someday. The $100K or so that you might get for the piano and other assets pales in comparison to the big money M&T spends on advertising and other brand-building efforts.
I completely agree! Keeping the assets in Syracuse, and together is incredibly important to the future of ANY symphonic organization, big or small. M&T has been a strong supporter of culture in CNY and understands that "quality of life" effects their bottom line. The SSO assets would probably go for between $100k - $200 at auction - this is a small drop in the bucket for M&T and could easily be rolled over into their advertising budget (or written off for tax purposes.)
M&T Bank should take the sheet music - the real heart and soul of the orchestra - and donate it to Syracuse University for the use of the orchestra in whatever form it takes in the future. Preservation of the library is crucial to having any orchestra in Syracuse, NY. SU has the facilities and skills to preserve the collection and could lend it to any future orchestra for their use, in that way protecting this critical asset for our community. Either SU or M&T or both together could raise any funds necessary to increase the university's capacity to store this material. It's a great opportunity for both SU and M&T to make a unique and valuable contribution to the community that supports them.
And here you thought the Bennett's, Enron, Adelphia and WorldCom were bad schemes.
I wonder how much the person who mismanaged them into so much debt collected as a salary? Wouldn't that be a hoot if the business manager was drawing six figures while running the Orchestra deeper and deeper into debt?
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With that grant, the AFM has retained Jennifer Garner, a Dallas bankruptcy attorney and violin player, who was en route to Syracuse. Other creditors came to ask Paul Brooks, the SSO's former interim executive director, questions.
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