Syracuse Symphony Orchestra Plays Swan Song; Files Chapter 7 Bankruptcy

A Message from Paul Brooks, Interim Executive Director and Rocco Mangano, Chair, Board of Trustees, Syracuse Symphony Orchestra:On April 5, 2011 the Board of Trustees of the Syracuse Symphony Orchestra voted to proceed with the dissolution of the corporation and the orderly liquidation of its remaining assets. The SSO will enter Chapter 7 bankruptcy proceedings as soon as possible. In plain terms, the SSO as we now know it will cease to exist. It is with great sadness that the Board reached this decision. The Board and Management team attempted to find any and every possible means to survive. In the end, we had no choice but to recognize that Syracuse and Central New York simply can no longer support a full 77-person orchestra over a 34 or 40 week season consisting of 200 performances.In plain terms, we cannot support a $7 million orchestra on a $5 million budget.As a result of our decision to dissolve — if another Symphony organization should arise in the future, it will not be burdened with a $5.5 million debt and a $2.5 million unfunded pension liability. In plain terms, if there is to be another Symphony, it can start with a clean sheet of paper.As stated above, the fifty-year-old Syracuse Symphony Orchestra has filed Chapter 7 bankruptcy. Financial statements show the orchestra’s debt at about $5.5 million with non-cash assets of just $130,000.  They may also have non-tangible assets, such as recording rights, contracts with performers and even its name, according to a professor at University of Buffalo School of Law. Items to be auctioned off include the symphony’s extensive collection of sheet music – some with musicians’ handwritten notes and a number of musical instruments including a grand piano worth $75,000-$96,000, upon which renowned pianist Lang Lang first played Beethoven’s “Emperor” concerto.From an article on www.syracuse.com by Glenn Coin, the closing of the SSO, does not necessarily mean the finale of a symphony orchestra in Syracuse. Bankrupt symphonies such as those in San Diego, Oakland and Nashville, have been resurrected by benefactors. The president of the SSO Foundation, David Ridings, hopes and believes that this is what will occur in Syracuse. He states, “’It will take some time, and it probably should take some time. The musicians feel damaged. The board feels damaged. Lots of donors feel hurt and damaged, and it’s going to take some time to get past that.’” He added that the foundation has an endowment of approximately $7.5 million that could help revive the orchestra. Although the principal cannot be used, its earnings could provide about $350,000 annually to the organization.For experienced and knowledgeable Chapter 7 or Chapter 13 personal bankruptcy assistance, trust the attorneys from Legal Helpers who have helped over 56,000 consumers in the last three years discharge their debt. For your free initial consultation, please call 800-260-1402 or log onto www.legalhelpers.com for more bankruptcy information.

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