Wednesday, October 05, 2011


I doubt donors gave gifts intended for massive legal bills for a corrupt bankruptcy proceeding.

One donor who made a $2 million donation, Goldsmith said, had already responded that he made an "unrestricted gift, and the [Orchestra Association] kept writing back to say thank you for your restricted gift."

The orchestra contends that all $120 million or so of its endowment is restricted by donors' wishes to remain in the endowment, and is therefore unavailable to creditors as part of the bankruptcy. The legal theory under which the pension fund is operating is that perhaps up to $20 million in endowment gifts came with no clear instructions for their use and that the fund, as the largest creditor in the case, is entitled to the money as part of the bankruptcy process.

Anne M. Aaronson, the association's bankruptcy attorney, said she learned only Monday that donors were being contacted. She expressed concern that they were being pulled into the case and suggested that this course of action was "harassment or a vindictive act against the" association.

LEAVE THE DONORS ALOOOOOONE!!!! We don't want them to know we're taking all their money.