Continuing with the New York City Opera and the bid on its name, a bitter rivalry between two groups fighting to reinvent the company played out in court on Tuesday for not just its title...but its remaining assets, too.
According to The New York Times, the bidding that took place in United States Bankruptcy Court in Manhattan came to a close Tuesday evening. NYCO Renaissance had bid $1.25 million for the company's assets and name; the other buyer, Opera New York, put in a higher bid of $1.5 million.
As of now, lawyer for the bankrupt company, Nicole Stefanelli, said that the board needed to evaluate the offers and will convene at a later date. However, the board has favored the NYCO Renaissance proposal, which plans to put on productions at Lincoln Center.
If you aren't in the know, NYCO Renaissance plans to install small-time opera company entrepreneur Michael Capasso as the general manager. Capasso, though, still has some outstanding finances with musicians and singers of his old, fledgling company, DiCapo Opera Theater.
Opera NY's plan is led by Gene Kaufman, an architect, who has also been slighted for exaggerating his connections to other opera groups.
And yet, with more than $1 million up for the City Opera name and assets, including a thrift shop on East 23rd Street, there is still an unwavering interest in bringing back an iconic city institution.
In the meantime, take it back to '96 with the NYCO.
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