TubeNet

http://www.wsmv.com/story/22523531/sche ... re-auction" target="_blank

I really thought our local Orchestra was having a good run and the programming had improved. I'm sure there is more news to come soon.

Ricko

This is a damned shame - I know several members of this orchestra (and I knew Kenny Schermerhorn too from his NJ days for that matter).

Bad management - check that - atrocious management in a town that calls itself Music City.

When I was organizing/negotiating the AFM contract for the Riverdance musicians, the Nashville Symphony musicians (and the country music guys too) had their backs all the way when that show was in Nashville. These are fine musicians and good people.

I wouldn't hold my breath waiting for the city government to step up - municipal officials are usually conspicuous by their absence in these matters. Most politicians love to show up and take bow in front of the musicians and then high tail it out of the concert hall when someone mentions $$ to keep the music going.

You would think there are enough music industry millionaires in that town to get this straightened out.

Mark Heter

How "affordable" should symphony tickets be? I just glanced at a couple of their concerts and found tickets for $18 and $27. That's more affordable than most pop shows. I'm not sure they'd do much better if their tickets were $5. I've heard some orchestras have thrown around the idea of making all concerts free and just asking for donations.

There are non-profit leaders who would argue that it was right for them to just get the hall built even if there was risk of default on the loans. Who is going to buy that hall? What will they do with it? I have a feeling that the Nashville Symphony will be playing there no matter who owns it. Maybe that's still better than what they had before - I don't know.

I forget the details, but the Baltimore Symphony had some facilities trouble several years ago. I think they ended up selling the building, but have a long-term lease for it. Maybe something like that could be arranged here?

Here's my question -- is the debt because they can't keep things going on a day-to-day basis, or that they just never run ahead enough to pay off the debt they've accumulated?

Costs relating to the 2010 flood that devastated Nashville (yet was largely overlooked by the rest of the nation, including our esteemed leaders of both parties) have a lot to do with this.

bloke wrote:Is their debt approaching the $100M mark?

Yes.

They owe more than $80M on the concert hall alone.

bloke wrote:Is their debt approaching the $100M mark?

Bloke,
Your question has already been answered, but this article puts the total figure at $102 million...

"...The symphony has been negotiating with a bank group, led by Bank of America, concerning its $102 million in debt tied to construction of the Schermerhorn Symphony Center..."

http://www.bizjournals.com/nashville/ne ... s-117.html" target="_blank

I've been reading everything I can since the news came out. Looks like they were over budget from the start on the building of the Schermerhorn. It finally opened and a few years later the flood happened and millions more piled up in debt from the fix. Now it's time to pay the piper and they were about to hit the wall. It looks like the fix is in, with a forgiveness of a chunk of the loan(from Bank of American, no less) and a deal with ongoing supporter Martha Ingram, along with a restructuring of the loan(s). Supposedly, the building is in a 500 to 1000 year flood plain. Tell that to Mother Nature when the time comes! My house is in a 500 year flood plain and had 5 1/2 feet of water when it hit. I can sympathize about the rebuilding costs - we had just remodeled before the flood. I'm sure our bank will be forgiving as well. Oh well, enough. The news should be out tomorrow on the Schermerhorn deal. Now, can the orchestra come up with a new contract next month?!

IkeH wrote:with a forgiveness of a chunk of the loan(from Bank of American, no less)

Let's be honest here. Loan "forgiveness" is really the bank making the public-relations decision to force its financially responsible customers to pay for the deadbeat borrower.

Uncle Buck wrote:

IkeH wrote:with a forgiveness of a chunk of the loan(from Bank of American, no less)

Let's be honest here. Loan "forgiveness" is really the bank making the public-relations decision to force its financially responsible customers to pay for the deadbeat borrower.

+1

Uncle Buck wrote:

IkeH wrote:with a forgiveness of a chunk of the loan(from Bank of American, no less)

Let's be honest here. Loan "forgiveness" is really the bank making the public-relations decision to force its financially responsible customers to pay for the deadbeat borrower.

Normally I'd agree fully except - lets be real honest - BoA should have gone under the waves long ago, but the feds bailed them out so really in effect it's ultimately the good

old american taxpayer (well those of us who actually pay taxes) who indirectly gets stuck paying the bill.

tofu wrote: Normally I'd agree fully except - lets be real honest - BoA should have gone under the waves long ago, but the feds bailed them out so really in effect it's ultimately the good old american taxpayer (well those of us who actually pay taxes) who indirectly gets stuck paying the bill.

Agree.

Maybe some good news.

http://www.newschannel5.com/story/22671 ... oreclosure" target="_blank" target="_blank

Maybe some good news.

http://www.newschannel5.com/story/22671 ... oreclosure" target="_blank" target="_blank" target="_blank

A bit more detail on how their concert hall was "saved."

http://www.usatoday.com/story/news/2013 ... l/2454337/

The exact terms were not disclosed but apparently the banks didn't just settle for nothing and walk away. Most credit, however, seems to go to Nashville's biggest donor, Ingram, who apparently formed a real estate holding company to buy the hall and ultimately reduce the symphony's concert hall debt to closer to $20M.