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 

A recent decision of the Second Circuit Court of Appeals has added an additional eligibility requirement for the filing of Chapter 15 cases. In Drawbridge Special Opportunities Fund LP v. Barnet (In re Barnet), ___ F.3d ___, 2013 WL 6482499 (2d Cir.

One of the effects of commercial globalization is that the bankruptcy filing of a debtor with transnational business relationships will sometimes result in a clash between the substantive bankruptcy laws of different countries.  A frequent question is whether the bankruptcy laws of a foreign country should be brought to bear upon creditors located in the United States, even where foreign bankruptcy law is at odds with the laws of the United States. 

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.

In a decision that demonstrates the potentially broad impact of the forthcoming Supreme Court decision in Bellingham, the Fifth Circuit held that bankruptcy judges may not “determine” non-core matters even where the parties consent. BP RE, L.P. v. RML Waxahachie Dodge, L.L.C. (In re BP RE, L.P.), No. 12-51270 (5th Cir. Nov. 11, 2013), see Executive Benefits Ins. Agency v. Arkinson (In re Bellingham Ins. Agency), 702 F.3d 553 (9th Cir. 2012), cert. granted 133 S.Ct. 2880 (2013) (set for oral argument January 14, 2014).