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… Continue Reading
Tag Archives: DIA
Post Eligibility Ruling, Kevyn Orr Reiterates Expectation That DIA will Contribute Revenue to City’s Financial Plan
Posted in Detroit BankruptcyJust 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.” Adding complexity to an… Continue Reading
Detroit Bankruptcy Will Proceed, Judge’s Comments about Detroit Institute of Arts Could Affect Involvement or Sale of Artwork
Posted in Detroit BankruptcyThe Hon. Steven W. Rhodes of the U.S. District Court for the Eastern District of Michigan has ruled that Detroit may proceed with its Chapter 9 bankruptcy. Judge Rhodes explained his ruling for over an hour from the bench, finding Chapter 9 itself to be constitutional, and addressing other challenges including the requirements of Michigan… Continue Reading
Detroit Creditors Press Bankruptcy Court for Action on Sale of Detroit Institute of Arts Collection, Motion Likely Premature and Unfounded
Posted in Detroit BankruptcyMajor 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 the Detroit Institute of Arts. The motion raises a few questions, but fundamentally it is off-base: in a municipal bankruptcy the creditors are never going to be able to force… Continue Reading
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