Former Ontario premier Bob Rae put a brave face on the deepening crisis at the Toronto Symphony Orchestra yesterday, emerging from a day of inconclusive emergency meetings to say that the music will go on even though the orchestra is broke.
"There's no question it's one minute to midnight, but I believe strongly that where there's hope, there's life," Mr. Rae said.
Mr. Rae and other members of the committee attempting to rescue and rebuild the TSO spent yesterday trying to speed up negotiations with the federal government that could result in the release of $5-million paid to the TSO Foundation last spring. The province has also been approached for help.
"We're not looking for a short-term bailout or a quick fix," Mr. Rae said.
On Saturday, the foundation refused a request to deliver almost half its $21-million endowment to save the orchestra from bankruptcy and erase its $7-million debt.
Foundation chairman Douglas Derry reiterated that his organization's charter forbids distributions of capital for operating expenses or debt retirement.