“Officials of the union representing the musicians at the Nashville Symphony Association said negotiations over a new contract are set to begin this week even as the symphony’s Schermerhorn Symphony Center is facing a June 28 foreclosure auction,” writes David Roche in Monday’s (6/17) Tennessean. “David Pomeroy, president of AFM Local 257 of Nashville Musicians Union, said that the union was in the process of reviewing newly provided data by the symphony about its finances. The current six-year contract with the orchestra expires July 31…. The latest tax return for the orchestra shows all salaries for the fiscal year ending July 31, 2012, totaled $13.4 million. ‘It is most unfortunate that the Schermerhorn now faces foreclosure due to a combination of circumstances beyond the control of any one person or entity,’ the union said in the statement. The foreclosure notice was issued by Bank of America after symphony officials announced they would not renew a letter of credit backing the remaining $82.3 million balance on a $102 million bond issue. A spokesman for the symphony said Monday that negotiations with Bank of America over the debt were continuing.”
Posted June 18, 2013
Photo of Schermerhorn Symphony Center by Larry McCormack
