Bankrupcy While Sitting on a $140 Million Endowment ?
Submitted by Tommer on April 18, 2011
The saga of the Philadelphia Orchestra continues as plans for filing chapter 11 are made. It is the orchestra management's position that the $140 million in orchestra and Academy of Music endowment is donor-restricted, earmarked to remain forever in endowment, and is therefore untouchable. Others are not convinced.
Commentary by Andrew Taylor on the Artful Manager blog.
Link to the actual filing document.