 The Clarinet BBoard
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Author: 2E
Date: 2011-05-11 12:01
In the words of Queen/Freddie Mercury ... another one bites the dust ...
2E.
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Author: salzo
Date: 2011-05-11 14:31
We will rock you.
ANd if aint rockin', the people wont be knockin'.
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Author: Jack Kissinger
Date: 2011-05-11 14:44
It's going to be interesting to see how this latest round of Chapter 7s plays out. Most of the assets these organizations own are of limited interest to the general public (think, e.g., music library, old office equipment, music furniture) so, in a local auction, most of them may go for a song. The liquidation sales may well then allow a new group, perhaps the musicians themselves, to purchase the assets for a small fraction of the original organization's debt and reform themselves into a new organization that is free of the old one's debt. If that happens, the orchestra continues, perhaps in a leaner, meaner form. Of course, anytime you liquidate the legal entity, you run the risk that no one will be able to put together its replacement. And creditors, once burned, may be twice shy. (Though perhaps tax implications may have prompted some creditors to prefer Chapter 7.) Perhaps we'll see a situation where there are Phoenix Orchestras outside Arizona. Or perhaps not. Time will tell.
Best regards,
jnk
Post Edited (2011-05-11 14:45)
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