“As a gift to the City of New York, The Reed Foundation and The Peter Jay Sharp Foundation have bought the remaining seats for all performances at BAM and will offer then at a special $25 price to celebrate our new beginning.” [New York York City Opera]
Breaking: Late last night, New York City Opera management, AGMA, and Local 802 came to a tentative agreement on new three-year contracts. Read more »
UPDATE: Risa B. Heller, spokeswoman for New York City Opera says that the rumor that the NYCO board met tonight to discuss bankruptcy is “patently false.”
PREVIOUSLY: La Cieca hears from a source close to the New York City Opera that the Board of Directors of the company met at 5:00 pm today to discuss bankruptcy.
NYCO will lock out all workers from Local 802, American Federation of Musicians on Monday, a press release from the union says. The company rejected a final wage concession at 9:00 PM Saturday night.
La Cieca’s spy (not pictured) reports that mediated negotiations between NYCO and the unions lasted about two days before reaching another impasse.
La Cieca hears that the New York City Opera is moving its administrative offices to 75 Broad Street, a location you surely remember as The International Telephone and Telegraph Building. The a 1928 structure boasts the mosaic dome glimpsed above, and (coincidentally) sits just across the street from the old Goldman Sachs building.
Local 802 and AGMA have rejected New York City Opera’s “final offer,” placing the company at an “impasse,” according to an email from George Steel to members of the company’s board.
“City Opera Management has passed on an offer from the unions representing its musicians and singers that could have saved the company some much-needed cash. The proposal would have required members of the New York City opera to perform for free in the 2011-2012 season.” [NY1]
NYCO’s George Steel has “…a vision of gradually increasing productions, arriving at 10, with 40 performances…. the company would reach the 10-production benchmark by 2025…. Only about 10 percent of revenue this season is predicted to come from the box office, with the rest mainly provided by donors. The ratio does not change much over the phased growth plan, meaning that only $1 or $1.50 out of $10 will come from ticket purchases.” [New York Times]
Cher Public