Wednesday’s (3/9) Pacific Business News reports, “The Symphony Exploratory Committee wants to buy all of the defunct Honolulu Symphony’s assets for $231,000, subject to court approval and the March 17 auction process. The nonprofit organization of Honolulu business and civic leaders has entered into an agreement with the symphony’s Chapter 7 trustee, Richard Yanagi, to buy the assets. The price includes the base purchase amount of $210,000 and a 10 percent premium to be paid to auctioneer Heritage Global Partners. An auction is scheduled for Thursday, March 17, and if no overbids are submitted the assets will be sold to the group, according to a bankruptcy court document dated March 8. Assets include the symphony’s music library, two grand pianos and other instruments. Symphony Exploratory Committee member Vicky Cayetano told PBN that the group is prepared for the bidding process and hopes to acquire the assets as part of its plan to bring symphonic music back to the community. She said the committee expects to complete its business plan by early April.”
Posted March 10, 2011
