In Friday’s (1/21) Courier-Journal (Louisville, Kentucky), Elizabeth Kramer writes, “Louisville Orchestra CEO Robert Birman said Thursday that the organization does not have enough cash on hand to make its payroll scheduled for Jan. 31. The statement came during more than 30 minutes of questioning in front of assistant U.S. trustee John Stonitsch, part of a meeting of creditors after the orchestra’s December filing for Chapter 11 bankruptcy. During questioning, Birman reviewed the financial statements that the organization had recently submitted to the court, which indicated assets of $412,000 and liabilities of $1.4 million. Birman also stated that the organization’s primary endowment was valued at $8.8 million as of December. The orchestra has listed the value of a second endowment at $1.3 million. … Under questioning from an attorney representing the musicians, Birman said that he and other orchestra officials have had recent meetings with the boards that control both of those endowments. He said decisions are pending on whether the endowments would release those funds for the orchestra to use in this financial crisis. … Birman said the orchestra is working to abide by the Dec. 29 ruling by U.S. Bankruptcy Judge David Stosberg that requires the orchestra to honor its musicians’ contract, which expires in May.”
Posted January 24, 2011
