A month after Duane Morris client NYCO Renaissance sought to rescue the New York City Opera out of bankruptcy, another suitor has emerged with a competing bid.
King & Spalding client Gene Kaufman is offering $1.5 million for the opera company, trumping NYCO’s $1.25 million bid. King & Spalding restructuring partner Arthur Steinberg is advising Kaufman, who put in his offer last Tuesday in a court auction in the hopes of purchasing the opera’s trademark, the URL of its website, donor subscriber lists and a thrift shop that raises money for the City Opera.
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