One of the two groups mounting rival efforts to resurrect the New York City Opera has dropped its bid, ending a tangled court battle over moribund company, reports The New York Times. Architect Gene Kaufman's opera organization will receive $300,000 as part of negotiated settlement to end his two-year pursuit of City Opera's name and assets.
The pact leaves NYCO Renaissance, led by investment manager and former City Opera board member Roy G. Niederhoffer, in seeming charge of reviving the organization, which declared Chapter 11 bankruptcy in 2013 following a series of controversial financial and operational moves, including abandoning its longtime home at Lincoln Center.
NYCO Renaissance's $1.25 million plan to buy the name and reboot the company is now the only proposal before creditors and the bankruptcy court. The group is aiming to launch under the City Opera banner with a January 20 performance of Puccini's Tosca at the Rose Theater at Jazz at Lincoln Center.