A report in the Times indicates that NYCO had to scramble to come up with their $1.3 million share of the cost of producing Anna Nicole at BAM.
Here's something I wrote about NYCO two years ago:
NYCO and the Philadelphia Orchestra are poster children for weak or incompetent administration. At NYCO, the board made at least two terrible mistakes: the appointment of Gerard Mortier, evidently without due diligence about what kind of budget he would want, and the renovation of the NY State Theater at Mortier's request, which left the company with their usual bills to pay, no place to perform, and no income. Mortier skedaddled without ever coming to NY or staging a production, leaving the board scrambling to find a new director. They wound up with George Steel, who had about as much experience running an opera company as do: several months at Dallas, which was preceded by great success as the concert presenter at the Miller Theater. Maybe Steel is the third big mistake; hard to say at this point. He's in a terrible position, where he'll get blamed for mistakes other people made. Honestly, you'd have to be a miracle worker to pull them out of the current skid.
Oh, I forgot about the way NYCO has run through its endowment. Once valued at $55 million, presumably at the height of the boom, the endowment is down to $9 million. That's the fourth terrible mistake. They've also got an inexperienced board president, appointed just a few months ago, who says things about not disclosing their finances. As a non-profit, hello, you are legally required to release financial information to the public. Don't talk about keeping things under your hat. It only makes you look bad. So, let's call this the fifth mistake.I certainly will stand by all of that.