L.A. Opera receives bailout of $14m

[pbr87]

Well here's the thing, The Ring Cycle is 4 separate 3.5 hour operas, Das Rheingold, Die Walkure, Siegfried and Gotterdammerung, so they aren't spending 32 million on one opera (which would be absolutely insane and irresponsible!!). Each opera requires it's own set, You can assume the cast is going to be world class (literally) and will most likely be triple cast (3 singers per role). An average opera production at LA, the Met, La Scala, Houston Grand etc is about 5-7 million each. LA's cycle is definitely more costly than an average production, but when you are creating a production from scratch that is hyped to be the most cutting edge and controversial ring cycle ever, you pretty much expect it to cost a lot. Regardless it doesn't excuse their mismanagement and poor planning of funding.


Blunt-you're thinking of ballet, try and educate yourself with some real culture and find out what an opera is first, before trying to be insulting.

I don't care how many cycles of how many hours of singing it is. $32 million for a show, with only $14 million in liquid capital, in the midst of the worst recession in the last 70 years IS FUCKING STUPID!!

[Iain]

do whatever you waffleswaffleswaffleswaffleswaffleswaffless do

They sing/warble, mostly.

HTH.

[rwh11385]

fuck any company that cant make a profit. they dont deserve shit if they cannot make it on their own. like the auto companies,airlines, amtrak etc etc . let them fail and someone will come in and do a better job or they will fail also. especially a bunch of waffleswaffleswaffleswaffleswaffleswaffles opera singers.
talk about a waste. texasturd will be digging ditches soon and i will throw my big gulp out the window at him as i pass

omg, so heartless. that sounds like the principles of free market capitalism. I hear America once was the shining example of that!

[TexasTerp]

$32,000,000 for a show is fucking absurd! That's more than UMASS, Amherst spent on it's new rec center, which is 3 stories high and has a sit-down snack-bar area.

Well here's the thing, The Ring Cycle is 4 separate 3.5 hour operas, Das Rheingold, Die Walkure, Siegfried and Gotterdammerung, so they aren't spending 32 million on one opera (which would be absolutely insane and irresponsible!!). Each opera requires it's own set, You can assume the cast is going to be world class (literally) and will most likely be triple cast (3 singers per role). An average opera production at LA, the Met, La Scala, Houston Grand etc is about 5-7 million each. LA's cycle is definitely more costly than an average production, but when you are creating a production from scratch that is hyped to be the most cutting edge and controversial ring cycle ever, you pretty much expect it to cost a lot. Regardless it doesn't excuse their mismanagement and poor planning of funding.


Blunt-you're thinking of ballet, try and educate yourself with some real culture and find out what an opera is first, before trying to be insulting.

[pbr87]

While I do agree with you on this aspect, LA Opera was not in the red, despite the numerous loans and lines of credit they took in the past couple years. They still had $14 million in liquid money outside of the $55million in operating costs. So to say that they aren't a profitable company is absurd. The problem, and something I don't excuse them for, is their poor planning. They are spending 32million on a production with only 14 million in liquid assets. So they need a loan immediately to keep them afloat until the see actual returns on the investment and they'll go back to be profitable again. Every expanding business does this. I can guarantee that every single Fortune 500 company has gone into significant debt (after being profitable for many years) in order to expand correctly, they pay off then go back to being profitable. That's all that LA Opera is doing. The reason they went to the city rather than a bank is because they fucked up and needed money asap. It's not like you can get a $14million loan over night.

$32,000,000 for a show is fucking absurd! That's more than UMASS, Amherst spent on it's new rec center, which is 3 stories high and has a sit-down snack-bar area.

[blunttech]

How's 750k in small business grants and loans for my company sound?

is this supposed to impress us fancy boy? go put on some tights and prance around the stage or do whatever you waffleswaffleswaffleswaffleswaffleswaffless do

[Atreus]

these fuckers better pay, thats all i'm gonna say.



lol.

[TexasTerp]

Businesses are typically profitable.
Arts are typically not.
/thread

While I do agree with you on this aspect, LA Opera was not in the red, despite the numerous loans and lines of credit they took in the past couple years. They still had $14 million in liquid money outside of the $55million in operating costs. So to say that they aren't a profitable company is absurd. The problem, and something I don't excuse them for, is their poor planning. They are spending 32million on a production with only 14 million in liquid assets. So they need a loan immediately to keep them afloat until the see actual returns on the investment and they'll go back to be profitable again. Every expanding business does this. I can guarantee that every single Fortune 500 company has gone into significant debt (after being profitable for many years) in order to expand correctly, they pay off then go back to being profitable. That's all that LA Opera is doing. The reason they went to the city rather than a bank is because they fucked up and needed money asap. It's not like you can get a $14million loan over night.

[mrsleeve]

Actually, presumably, he would apply to a bank for a loan. A business loan...intended to help a profitable business expand. Presumably, the Opera got denied from such a loan, because they are not profitable. Even the people bailing them out are "granting" the money, not lending it.
Businesses are typically profitable.
Arts are typically not.
/thread

^^^^^^^^^^^^^^^^^^^^^^^^^^^

This


See we can agree on some thing

[pbr87]

How's 750k in small business grants and loans for my company sound?

Sounds good :up:
You should donate it all to an Opera.

[pbr87]

Haha Blunt, when you're company makes $20 million a year in revenue and you need 32million to expand, don't come crying to any of us, or the government, or well, anyone for that matter, cuz clearly you're bankrupt and can't sustain yourself, even though you're expanding. Until then, keep clinging to your what 100k..150k..200k a year? Believing that you are better than LA Opera, what a fuckin fool you are.

Actually, presumably, he would apply to a bank for a loan. A business loan...intended to help a profitable business expand. Presumably, the Opera got denied from such a loan, because they are not profitable. Even the people bailing them out are "granting" the money, not lending it.
Businesses are typically profitable.
Arts are typically not.
/thread

[s0urce]

/facepalm Looks like I should go see the opera soon, seeing as I'm paying for it.

[TexasTerp]

How's 750k in small business grants and loans for my company sound?

[e30e]

Haha Blunt, when you're company makes $20 million a year in revenue and you need 32million to expand, don't come crying to any of us, or the government, or well, anyone for that matter, cuz clearly you're bankrupt and can't sustain yourself, even though you're expanding. Until then, keep clinging to your what 100k..150k..200k a year? Believing that you are better than LA Opera, what a fuckin fool you are.

If 100-200k is a joke, what kind of bankroll you got?

[TexasTerp]

Correct me if I'm wrong, but the article stated that they took loans out in the previous years, that were in excess of 10 million. Plus what production takes 14 million to produce?
Seems shady to me.

2006 saw 18 million in total revenue with 3 million pure profit after clearing loans, 2007-2008 both saw $20 million in revenue. They had $10 million in loans with double that in total revenue. What part of that is shady?

Twitter took out $50 million in loans to start their service, they have yet to monetize. Should twitter be shutdown? Facebook is valued at over a Billion dollars, they have subsequently taken out over 600 Million in loans since it's inception, and have barely monetized their system. They have been in the red since they started, should they be shutdown??