Friday, April 15, 2011

Philadelphia Orchestra may declare bankruptcy and two Saratoga Broadway buildings going on the auction block.

Philadelphia Orchestra board to vote on bankruptcy Saturday; concerned musicians oppose the move
Published: Friday, April 15, 2011




Click to enlarge

Cellist Yo-Yo Ma joined Charles Dutoit and the Philadelphia Orchestra at SPAC during the orchestra's 2010 residency in Saratoga Springs. Ed Burke file photo/

PHILADELPHIA — Members of the Philadelphia Orchestra concerned about a bankruptcy vote distributed leaflets to audience members before a concert to express their opposition to what they say would be a devastating blow to the famed ensemble’s future.

The musicians walked into the audience and handed out the leaflets Thursday night. The Philadelphia Inquirer reports the crowd applauded as they returned to the stage. The musicians waved their instruments in gratitude.

The orchestra’s board is scheduled to vote Saturday whether to pursue Chapter 11 bankruptcy. The board tells WPVI-TV its $31 million in revenue is $15 million less than its costs.

The orchestra’s management is seeking givebacks including a 16 percent pay cut from the musicians as part of their ongoing contract negotiations.

The orchestra's annual summer residency at Saratoga Performing Arts Center is set to start its 2011 season July 27. At a March 31 meeting of SPAC's board, executive director Marcia White said this season would feature conductor emeritus Charles Dutoit as well as Spa City native and actor David Hyde Pierce as a narrator.

See Full Story
Reader Comments »

Two Broadway buildings headed for auction block
April 15, 2011 at 5:33 pm by Dennis Yusko
SARATOGA SPRINGS - Two buildings on Broadway measuring more than 42,000-square-feet will be auctioned off next month, setting the stage for more big changes to the heart of this tourist city’s downtown business district.

Days after a 22,500-square-foot Borders bookstore shut its doors at 395 Broadway, news broke that the popular Saratoga Shoe Depot at 385 Broadway and a three-story building at 322-328 Broadway and the corner of Spring Street will be sold at auction on May 4.

Owned by Frank Panza, the shoe store is 22,252-square-feet, and is located just a few doors from Borders. The multi-story building is 20,678-square-feet. It’s ground-floor retail stores are partially vacant, and it contains residential units and a theater in the upper floor.

“They are kind of important properties,” said Chuck Anderson, owner of Anderson Auction & Realty, which is promoting the properties.

Panza could not be reached for comment, but Anderson called the May sales standard real estate foreclosure auctions due to non-payment of mortgages. Citing a city official who could not be reached late Friday, the Business Review reported that Panza owes $227,850 in taxes on 385 Broadway, and $96,102 on 322-328 Broadway.
The auction will take place at 11 a.m. May 4 at the Saratoga County Courthouse in Ballston Spa. Buyers will need a 10 percent deposit.

The Saratoga Shoe Depot, which filed for Chapter 11 bankruptcy protection last year, could close within 30 days after the auction, Anderson said.

The spector of two more giant storefronts on Broadway going vacant will further alarm city officials, who fretted over the closing of Borders. But Anderson thinks that they could change hands soon.

“We’ve already had interest in them from several companies,” he said.

No comments: