An article “Pennsylvania Academy of Music gets OK to use restricted endowment money to pay operating expenses; Former benefactors try to block move” reports:
“A bankruptcy court judge’s ruling Tuesday was music to the ears of Pennsylvania Academy of Music officials. The judge allowed PAM to use money in a restricted endowment to pay operating expenses, a move that lets the academy keep operating…
“PAM’s bid to tap the endowment was opposed by Ware, a former PAM chairman, and his wife, Judy. They have donated an undisclosed amount to the endowment and untold millions to PAM. Ware left the academy board last summer…”
WATCHDOG: It amazes us how Ware, who had served as chairman when the mistakes were made that put PAM into such financial difficulties, seems so determined to prevent it from recovering. Instead of chastising himself for his folly, he seems to be taking out his wrath on the institution he formerly sought to help.
Moreover, what is meant by “They have donated…untold millions.” ? Ware guaranteed millions in loans but the near miraculous decision by Millersville University to acquire the facility for around $14 million relieved Ware of most, if not all, of his obligations.
Perhaps it would have been better said “On behalf of Ware, the state taxpayers donated untold millions.”
What you either fail to realize or refuse to acknowledge is the board Mr. Ware chaired was made up of carefully handpicked V&J supporters. V&J were also voting members. PW had one vote, and once V&J had gotten all there was to get out if him, even that vote carried no weight.
The Pennsylvania Academy of Music needs to cease operations. Right Now. That way, a replacement can be put together that is not carrying the baggage or bad reputation of PAM.