If you’ve been following, the bankrupt New York City Opera has been in a bidding war for its name and assets and convened on the topic Tuesday. On Thursday, though, the board said that it still intended sell but to a preferred suitor: NYCO Renaissance.
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Although the bid comes in at about $250,000 less than its opponent, Opera New York, the board has long favored NYCOR. The Renaissance company is backed financially by Roy G. Niederhoffer, an investment manager who had served on the board before.
Perhaps NYCO is partial to the NYCO Renaissance’s plan to put on operas at the Rose Theater at Jazz at Lincoln Center as well as their mission to make Michael Capasso the general manager of the new company.
However, as its been noted, Capasso’s former venture, Dicapo Opera Theater, still has to pay out some of its musicians and singers.
According to Michael Cooper at The New York Times, lawyers said they were looking for the “highest and best” offer for the opera’s name and assets, although that was subject to change as of late.
Nicole Stefanelli, a layer for the company, commented: “In the debtor’s view the economic difference between the two bids is simply not enough to overcome the material difference in the substance of the two proposals.”
She continued: “In the debtor’s business judgment the NYCO Renaissance proposal is more thorough, and represents a far better proposal for continuing the debtor’s mission.”
For the rest of Cooper’s take on the NYCO’s dilemma make your way to the Times here.
Until then, keep up with company below.