Labor v. management fun with the Philadelphia Orchestra

[dirac]

Interesting stuff going on in the contract negotiations. ("Hey! If we file Chapter 11, we get rid of all those pesky pension obligations! So cool!")

Players - who could see a 20 percent cut in base pay and the loss of 10 positions - are taking the threat seriously. They would like any eventual deal to include a commitment that management will not seek bankruptcy protection, whose stigma they feel would both damage the orchestra's reputation and dampen fund-raising and ticket sales.

Some orchestra board members are advocating bankruptcy - despite the fact that the group has no debt and an endowment well north of $100 million - because they believe it would allow management to no longer fulfill its pension obligations, board members and others say.