This is a good week for the Louisville Orchestra. On Monday (May 21)
board president Joe Pusateri announced that the orchestra has paid off the last of $1.3 million in short-term bank debt, reports the Louisville Courier-journal.
The paper shows a photograph of Pusateri setting fire to copies of the loan papers and dropping them into a large metal bowl — to the cheers of his board colleagues.
Pusateri told the Courier-Journal that the Louisville ensemble, which had owed the $1.3 million to various banks, expects to end its current fiscal year on May 31 with a surplus of $400,000 or $500,000.
The beneficiaries of the surplus will be the orchestra's 67 full-time players, who had to accept pay cuts in order to stave off bankruptcy last year. Each musician will receive an extra bonus week of base salary, at a total cost of around $70,000.