Since reports last month that a grand bargain had been struck to provide an infusion of cash to the Detroit bankruptcy in exchange for conveying the artwork at the Detroit Institute of Arts back to the museum itself, it has been largely accepted that the deal would succeed. The deal would contribute $366 million from several foundations, $100 million from the DIA foundation, and $350 million from the State of Michigan. This air of inevitability is due in large part to the cards that Emergency Manager Kevyn Orr holds: unless Detroit wants to monetize or sell the DIA collection th
As we predicted when it was filed, Judge Rhodes of the U.S. Bankruptcy Court for the Eastern District of Michigan denied today several creditors’ motion to appoint an independent commission to appraise the collection of the Detroit Institute of Arts (owned by the city of Detroit) as part of the city’s ongoing bankruptcy.
Detroit Emergency Manager Kevyn Orr’s plan to monetize the collection of the Detroit Institute of Arts, whether by sale or otherwise, took a large step towards realization today when at least nine local and national foundations pledged up to $330 million to Detroit to keep the collection of the Detroit Institute of Arts safe from sale, loan, or other encumbrance, and also to shore up pension funds Following
Following on yesterday’s release of the full report and recommendations by Christie’s with regard to the collection of the Detroit Institute of Arts, the Bankruptcy Court has set a hearing on the
After Judge Rhodes of the Bankruptcy Court for the Eastern District of Michigan ruled on December 3, 2013 that the city of Detroit is eligible for Chapter 9 Bankruptcy protection, the city immediately
The Hon. Steven W. Rhodes of the U.S.
The Detroit Institute of Arts was ready: the museum released a statement immediately after the Bankruptcy Court’s ruling today that Detroit is eligible for Chapter 9 Bankr
Just after the Bankruptcy Court held that Detroit is indeed eligible for Chapter 9 bankruptcy, Emergency Manager Kevyn Orr reiterated that he expects the Detroit Institute of Arts to contribute financially to the city’s plan to emerge from insolvency. Said Orr, “We’d like to find a way to monetize the DIA.”
Major creditors of the city of Detroit filed a request in the bankruptcy proceeding to hasten the process of evaluating the value of the collection of theDetroit Institute of Arts.
As the controversy around the possible sale of the Detroit Institute of Arts’ collectioncontinues to swirl, Emergency Manager Kevyn Orr has given some of his most pointed comments to date about his expectations.