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Roy Niederhoffer Benedicte Gravrand, Opalesque Geneva:

The New York City Opera, which is being re-launched at a new venue following bankruptcy, was famously dubbed "The People's Opera" by Mayor Fiorello LaGuardia at its founding in 1943. While it is awaiting final approval from the bankruptcy court to operate as "New York City Opera," it is promoting a real kind of people’s opera with the financial backing of a famous hedge fund manager.

The New York City Opera is the New York world grand opera but on a more intimate scale, says Roy Niederhoffer, who helped rescue the opera and is now acting as the Chairman of NYCO Renaissance. Niederhoffer is an American hedge fund manager and philanthropist, who founded R. G. Niederhoffer Capital Management, Inc., in 1993.

The board agreed in December to sell the New York City Opera name and assets to NYCO Renaissance Ltd., a nonprofit group chaired by Niederhoffer, reported WSJ.com. Niederhoffer applied for court approval in January.

"We’re going to be able to offer a Tosca where you can actually see Tosca," he says on NYCO Renaissance’s website. "I feel that this is probably the greatest opportunity I will have to make a difference philanthropically for the cit......................

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