American Musical Theater in San Jose found themselves under a $2M debt because of a bad business deal and have already gone down with Chapter 7 bankruptsy
Shakespeare Santa Cruz recently needed a bail out of $300,000 and miraculously made their goal.
This week another local company is facing financial crisis. Instead of commenting on it at this point, I am simply posting the email that we were all sent. It may edify, and who knows, some angel may decide to give them the $300,000 that they need... I wish them luck, mostly because I like working there;
**** the email ****
The Magic Theatre Must Raise $110,000 By Friday [January 9th]:
Please Help Magic Reach Its $350,000 Goal
Please donate now to save this treasure of American Theatre
https://server15.lfchosting.com/pursued/magic/pages/donate_form.shtml
San Francisco's nationally acclaimed new plays theatre, MAGIC THEATRE, has raised $240,000 since its initial appeal seven days ago. With the funds raised, we began rehearsals for our next production—Tough Titty by Oni Faida Lampley—slated for previews beginning January 24th. Our staff, furloughed for two weeks, is back at work with pay. In order to continue the 43rd season beyond Tough Titty and stay open, MAGIC must raise a total of $350,000 by January 9, 2009. The funds will allow us to retain staff, continue the season, and remain responsible to our creditors.
In a world where more and more theaters are eliminating the challenging and risky work of mounting new plays altogether, please help us fulfill our commitment to new work. We're $110,000 short of our goal. You can make a difference. Please donate now.
Our core value of risk over commercial gain makes MAGIC a challenging endeavor in any economy, and going forward, MAGIC is committed to a new model of financial stability for a new world—without compromising our mission. Today however, MAGIC's accumulated debt of $600,000, combined with sharp declines in earned and contributed revenue due to the global economy, place us in imminent peril of shutting our doors in March.
Pulitzer Prize winning playwright Paula Vogel explains the importance of Magic's mission in this letter of support. Please click here to read A Message from Paula Vogel.
For 42 years, San Francisco 's MAGIC THEATRE has been central to the cultural life of the Bay Area and beyond, giving life to some of the most important, diverse, and powerful voices of contemporary American artists, including four Pulitzer Prize winners. From its humble beginnings in a Berkeley bar, MAGIC has emerged as one of the crown jewels of American Theatre. For those of you who have sent us money, large amounts and small, we are grateful. If you have waited, please donate now.
In an attempt to close the gap between MAGIC's expenses and revenue lost as a result of the recession, the Board, in concert with the staff, raised additional funds and cut the $2 million budget by over $300,000. The closing of MAGIC THEATRE would be a great loss for artists and audiences here and across the country. The second largest theatre in San Francisco , MAGIC employs 200 artists annually and touches the lives of tens of thousands of people. We need to keep our artists and our work on the stage!
Artistically, MAGIC is thriving, building upon its rich legacy under the artistic direction of Loretta Greco, who joined the theatre last spring. The critical success of the first two productions of this season demonstrate the rigor to which MAGIC adheres in each aspect of new play production—and the hoped for excitement, awe, and wonder that come from watching great art play out for audiences.
We need your help to raise $110,000 by January 9, 2009. Please help us keep our doors open by making a donation today of $15.00 or more. Please give whatever you can to save MAGIC THEATRE. No amount is too small or too large. Each of you can make a difference.
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