BANKRUPT CITY OPERA MAY REORGANIZE TO ACCEPT MILLIONS LEFT IN WILL

Lawyers for the bankrupt New York City Opera have revealed, in court, that the opera is exploring the possibility of reorganizing in order to be able to accept millions from the estate of a benefactor, Pierre DeMenasce, who died just weeks before the opera filed for bankruptcy protection, according to the New York Times_’ Michael Cooper.

DeMenasce left 10 percent of what would remain, after other bequests, of his seventy-million-dollar estate to City Opera.

“There is still the question of who would get to control the reorganized company, though,” notes Cooper. “The rivals who were vying to buy the City Opera name are now debating who should become the so-called plan sponsor to lead the company out of bankruptcy.”