New York City Opera Chooses NYCO Renaissance Bid for AssetsEdvard Pettersson
New York City Opera, which halted operations before filing for bankruptcy more than a year ago, selected NYCO Renaissance Ltd.’s $1.25 million bid for its remaining assets over a competing offer.
The selection was challenged by Gene Kaufman, who had made the rival bid for the opera house’s name and other unsold assets, Ken Rosen, a lawyer for the opera company, said in an e-mailed statement. Kaufman had bid $1.5 million.
The opera moved from its home at New York’s Lincoln Center before filing bankruptcy in October 2013. It was seeking bids only from nonprofit organizations with compatible mission statements. Physical assets were sold previously.
Roy G. Niederhoffer, a former member of the opera’s board, is an officer and director of NYCO Renaissance and serves as chairman, according to court papers.
U.S. Bankruptcy Court Judge Sean H. Lane is scheduled to hold a hearing in about two weeks to consider Kaufman’s objection to a sale to NYCO Renaissance, according to Rosen.
The case is In re New York City Opera Inc., 13-bk-13240, U.S Bankruptcy Court, Southern District of New York (Manhattan).