Although the Conservatory flourished through the years, there came a time when it encountered financial and management difficulties. During these times, the following individuals were of great assistance in ensuring its continuity and longevity: Henry Regnery, Leo Heim, Richard Schulze, Theodora Schulze, Otto Schulze, Robert Getz, Carl Waldschmidt, Amelia Sligting, Paul Henry, Elizabeth Sharp, Michael Ruiz, Enrique Arias, Wilma Osheim, Mary Ellen Newsom, Dennis Murphy, Martha Gingles, His Eminence Metropolitan Paisios of Tyana, Rev. Father Daniel Gorham Abbot, Rev. Father Joseph Magnin, the Hon. Robert Ginsberg, and many other tireless servants, all of whom were instrumental in saving the Institution in operation today. In 1991, the Conservatory changed its corporate legal entity in order to escape from criminal mismanagement and to stop misappropriation of its endowment. The old entity, which was no longer connected with the Conservatory, was put into a Chapter Seven bankruptcy proceeding in order to settle its outstanding debts incurred by two years of mismanagement. This bankruptcy proceeding did not affect the operation of the Conservatory, because its assets and accreditation were transferred to its new entity long before the bankruptcy case was filed. Moreover, the Conservatory never missed a hemi-demi-semi-quaver and all classes continued to be given on schedule with the same Dean, the same faculty, the same students, the same accreditation, and the same Registrar. Ultimately, friends of the Conservatory settled all the affairs of the bankruptcy action involving the old entity to the satisfaction of its creditors and then the old entity was dissolved. The Courts in the United States have ruled that changes of entity do not cause any discontinuity of institutional identity or operation. They have ruled that schools undergoing identical circumstances are still the same educational institution.