Stories indexed with the term ‘financial crisis’

The board of directors for Performance Network Theatre has distributed a letter to the media with an update on last month’s decision to suspend operations for the Ann Arbor professional theater. [.pdf of PNT board letter]

The letter states that the theater did not have resources to pay its staff, actors and vendors in a timely manner, and to make debt payments.

“Each of us cares passionately about professional theater in Ann Arbor, and in particular the high caliber of work Performance Network Theatre has produced over the years. At present we are engaged in due diligence as we assess the true financial situation in order to determine the appropriate next steps and decide on a course of action when … [Full Story]

The board of Performance Network Theatre, a professional theater company based in downtown Ann Arbor, has suspended operations after determining that the theater ”is not currently financially viable.” The theater issued a press release announcing the decision on May 22. [.pdf of press release]

According to the group’s website, the board of directors are: Ron Maurer, president; Tom Crawford, vice president; Steve Gerber, vice president; Tom Dezure, treasurer; Linda Levy, secretary; Ed Abbott; Mary Avrakotos; Norman Bash; Gene Dickerson; Joe Grimley; Hanna Goodstein; David Herzig; Steven Klein; Jessica Litman; Stephen Palms; Myra Poplin; Sheila Sasser; and Phil Stoffregen.

Seven staff members are also listed on the site: Erin Sabo, managing director; David Wolber, artistic director; Carla Milarch, associate artistic director; Logan Ricket, associate … [Full Story]

A dozen distinguished alumni from the University of Michigan Department of Economics gathered for a panel discussion yesterday at Lorch Hall to discuss the current financial crisis. The focus of the panelists’ remarks as well as the questions from the audience mostly reflected the title of the event, “Upheaval in Financial Markets.” That is, the emphasis was on “markets” in the biggest sense: the home market, the capital markets, the credit market, the global market. All of the markets that are now in crisis as a result of questionable mortgage lending practices that gave many people access to buying a house, who would have otherwise not been able to contemplate such a purchase.

But one audience question came from a voice for the “local market,” specifically the “ordinary folks who have one of these mortgages who are suffering.” “What are the techniques,” wondered that voice, “that are available to keep people in their houses? … Or do you believe that they should be out of these houses? This is a social disaster in our community.” The voice posing the question would be familiar to observers of local Ann Arbor affairs.

[Full Story]