Judge Rhodes has approved the plan of adjustment for Detroit to emerge from bankruptcy. More analysis to come, but most critically for our purposes it affirms the Grand Bargain and the security of the collection of the Detroit Institute of Arts. We’ll post the full opinion when it’s published, but notably, Nathan Bomey at the… Continue Reading
Category Archives: Bankruptcy
Subscribe to Bankruptcy RSS FeedDetroit Emergency Manager Kevyn Orr Testifies About Impact of Selling Detroit Institute Art Collection
Posted in Bankruptcy, Detroit Bankruptcy, Litigation, MuseumsThroughout the Detroit bankruptcy and the attendant speculation about what role, if any, the collection at the Detroit Institute of Arts that is owned by the city should play, a parallel parlor game has been to try to guess what Emergency Manager Kevyn Orr’s endgame and motivation really was. He has dropped hints about the… Continue Reading
Remaining Creditor Sharpens Knives Over Detroit Institute of Arts Collection Value
Posted in Appraisal, Bankruptcy, Detroit Bankruptcy, Museums, UncategorizedAfter Syncora Capital settled its objections to the Detroit bankruptcy plan of adjustment, it looked like the battle over the Detroit Institute of Arts collection would subside. Not so fast, it turns out. A major contest looms next week with a remaining creditor, Financial Guaranty Insurance Corporation, over the valuation of the collection. Just to… Continue Reading
Syncora Reaches Deal with Detroit and Apologizes to Mediators, Grand Bargain to Protect Detroit Institute of Arts Likely Secure
Posted in Bankruptcy, Detroit BankruptcyAfter months of bitter fighting over the so-called Grand Bargain to infuse the Detroit bankruptcy with hundreds of millions of dollars from (among others) the State of Michigan, the Community Foundation for Southeast Michigan, the Kresge Foundation, the Ford Foundation, the John S. and James L. Knight Foundation, the William Davidson Foundation, the Fred A…. Continue Reading
Massachusetts High Court Clarifies: Written Agreement Not Required to Create Consignment of Fine Art and its Resulting Trust Duties
Posted in Bankruptcy, Consignment, LegislationThe Supreme Judicial Court, the high court of the Commonwealth of Massachusetts, has answered a certified question from the Bankruptcy Court about the interpretation of Massachusetts’s fine art consignment law, G.L. c. 104A. The case, Eve Plumb et al. v. Debra Casey, SJC-11519, originated with an art dealer’s bankruptcy and the claim by the trustee in that bankruptcy… Continue Reading
Detroit Emergency Manager Expects DIA Collection to Bring Revenue
Posted in Bankruptcy, Detroit BankruptcyAs the controversy around the possible sale of the Detroit Institute of Arts’ collection continues to swirl, Emergency Manager Kevyn Orr has given some of his most pointed comments to date about his expectations. To recap, the DIA collection is owned by the city of Detroit, now in bankruptcy. The question has thus arisen about… Continue Reading
Salon Piece Confirms Primacy of State Law in Detroit Bankruptcy Dispute
Posted in Bankruptcy, Collections, Detroit BankruptcyProfessor Adam J. Levitin of Georgetown has an excellent piece in Salon this week that adds to what I like to call the sober group of discussions about the Detroit Institute of Art collection in the context of the City of Detroit Bankruptcy. From a learned perspective, Professor Levitin echoes some of the themes we’ve… Continue Reading
Detroit Institute of Arts Deaccessioning: Municipal Bankruptcy, Existing and Proposed Changes to Michigan Law Affect Debate
Posted in Bankruptcy, Collections, Deaccession, Legislation, MuseumsAn important qualifier to the discussion about deaccessioning and the Detroit Institute of Arts is that although DIA is a subdivision of the bankruptcy debtor (Detroit), that debtor is not any old commercial entity. Rather, Detroit is a municipality, and municipal and state debtors are governed by slightly different rules than private parties. The underlying… Continue Reading
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