In Thursday’s (3/29) Philadelphia Inquirer, Peter Dobrin writes, “In a legal maneuver signaling the potential for a longer and more expensive Philadelphia Orchestra Association bankruptcy process, the national musicians’ pension fund, with which the orchestra is at odds, has filed a motion asking that money be put aside to settle a portion of what it is owed. Under Wednesday’s request, made to the U.S. Bankruptcy Court, $3.1 million from the association would be secured to cover past-due payments owed to the American Federation of Musicians and Employers’ Pension Fund (AFM-EPF) from the time of the orchestra’s bankruptcy last April until the date it withdrew from the plan in November. The development comes after months of talks have failed to produce a settlement between the pension fund and the association over compensating the fund for the orchestra’s withdrawal from the plan. … A court date has been set for April 30. Without a negotiated settlement, the association risks the AFM-EPF’s opposition to any reorganization plan it files, which could mean a longer and more expensive process before the orchestra can exit bankruptcy.”
Posted March 30, 2012
