Coda: Assets Of Syracuse Symphony Divided Among Thee Local Institutions

It's over.

The Orchestra entered Chapter 7, a liquidation bankruptcy proceeding. The bank, the primary creditor, recovered what it could, and in an act of goodwill, distributed some of the most important assets to local organizations.

M & T Bank has closed the books on what’s left of the Syracuse Symphony Orchestra.

The bank’s regional president Allen J. Naples announced the dispersal of the SSO’s assets to three community groups at a news conference this morning at the Onondaga Historical Association. The bank was the main secured creditor for SSO assets when it filed for Chapter 7 bankruptcy in May.

Naples said the orchestra’s instruments, including a Steinway piano, and computer and electronic equipment would be donated to the Cultural Resources Council of Syracuse and Onondaga County. The SSO’s sheet music, considered to be the most valuable asset, will be given to the Setnor School of Music at Syracuse University. Onondaga Historical Association will receive the orchestra’s archives, albums and paintings.

Rightly, the music library was seen as the most valuable asset. Without it, it would be impossible to ever re-assemble another orchestra in the future. A lot of that music is long out of print, and the years of musicians' markings on the parts (which in effect create a local edition of a piece) are irreplaceable.

The bank did the right thing, for the city and for themselves. They took their haircut, to be sure, and left the door open for something else to assemble itself in the future. The bank also bought a good deal of that intangible asset--goodwill--so difficult to build, so easy to destroy.

Once again, OS sez: 2012 cannot come soon enough. It will take sober grownups to set the country in motion and productive again, so that profits can be made to spend on important items like a local symphony. Until then, it's chinstraps on. We haven't reached the end of the orchestra closures yet. Louisville has yet to get back underway, and Philadelphia is still in BK. Whoo'da'thunk'it that the great Philadelphia Orchestra would wind up in BK court?

Colorado Symphony may be next.