Wednesday, December 29, 2010

Louisville Orchestra Restructuring Slog

The dreary business of the Louisville Orchestra's restructuring is going forward, with the CEO threatening to close up shop if he has to pay the band.

Today, a US Bankruptcy Court judge ruled that the organization can't cut its budget by voiding its contract with its musicians,who will now get cheques until April as a result, according to the Louisville Courier-Journal.

In testimony prior to the ruling, the board president, Chuck Maisch, said that the orchestra could only honor the contract by dipping into its endowment; the orchestra's CEO, Robert Birman, said that the orchestra would simply have to liquidate assets.

It looks as if that the proceedings start up again in Louisville on January 6.