The financially troubled Nashville Symphony Association laid off its entire catering and dining staff on Monday in a cost-cutting move that followed a decision that food service was “not directly related to our core mission.” The City Paper has the story here.
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.
Fisk University officials on Friday released a breakdown of how they intend to allocate the $30 million they will receive from Arkansas' Crystal Bridges Museum. Half will go to the school's endowment, while almost $6 million will settle accounts with the attorneys who have represented Fisk in recent years. Also in the mix is $5 million for strategic initiatives, one heck of a tool to help recruit a successor to President Hazel O'Leary, who is stepping down at the end of this year.
Fisk University and Wal-Mart heiress Alice Walton have sealed their agreement to share the Alfred Stieglitz collection of Georgia O'Keeffe works. The $30 million deal will have the collection migrate between Nashville and Fayetteville, Ark., every two years. Court documents show that Fisk will set aside $3.9 million to create a fund that will maintain the art.