- “Anna Nicole,” the New York City Opera’s last performance (if they are not able to raise the money by the end of September) at Brooklyn Academy of Music on Sept. 28, 2013.
- Getty Images
Monday in Manhattan, New York City Opera Inc. will ask a judge to approve bidding procedures for an auction of the company, with a lead offer from an investor group led by Michael Capasso, general director of the Dicapo Opera Theatre.
The offer, which is likely to be challenged, is for $10,000 in cash plus the settling of $500,000 in debts and assumption of some liabilities.
Roy Niederhoffer, a former City Opera board member, would return as chairman and former board member Jeffrey Laikind, would assume the role of president.
The low price reflects how little is left of the opera company, which filed for bankruptcy protection in October 2013 after years of growing deficits and costly missteps with its endowment.
When it closed, City Opera owed millions of dollars to New York City Ballet—with which it once shared a theater—and to ticket holders, musicians, former employees and others.