Questions of Endowment
For the record: the New York City Opera's press spokesman wrote to Musical America to correct the Bloomberg News story about the company's ongoing woes previously cited on this blog. Pascal Nadon took issue with "a Bloomberg commentary by Zinta Lundborg on April 22 stating that New York City Opera's endowment is 'down to barely $3 million.'"
"We wanted to clarify for your readers," Mr. Nadon wrote, "that the $3 million figure cited by Lundborg reflects the projected value of only one of the funds in City Opera's endowment - the Wallace Fund - after court-permitted withdrawals over the coming months. Following these withdrawals, the total value of New York City Opera's endowment will be approximately $10.6 million."
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