Sources: Banks could begin Schermerhorn foreclosure this week

The banks holding the Nashville Symphony's debt have given the latter a deadline of this week to repay that money or face foreclosure on the Schermerhorn Symphony Center. That could lead to the Symphony filing for bankruptcy, which the hiring of Bob Mendes of Frost Brown Todd would suggest is a serious consideration.

Sources have told Nashville Post reporter Ken Whitehouse that the lender group led by Bank of America is "evaluating legal options related to the 60-plus-member board’s oversight of the symphony’s finances, including any potential liability issues." But some of those board members say they didn't always have the information they needed to make the best decisions for the Symphony's future.

Various board members contacted by The City Paper over the past two weeks have stated that they had been unaware of the depth of the financial problems experienced by the organization until the symphony leadership announced the situation publicly three weeks ago.