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Tag Archives: Kevyn Orr

Detroit Institute of Arts Grand Bargain Not Done Yet, Creditors Claim to Have Purchaser Willing to Pay Nearly $2 Billion for Entire Collection

By Nicholas O'Donnell on Posted in Deaccession, Detroit Bankruptcy

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

Foundations Pledge $330 Million to Keep Detroit Institute of Arts Collection Safe from Liquidation

By Nicholas O'Donnell on Posted in Detroit 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… Continue Reading

Hearing Set On Creditors’ Motion to Force an Appraisal Committee for the Detroit Institute of Arts Collection

By Nicholas O'Donnell on Posted in Appraisal, Detroit Bankruptcy

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 creditors’ earlier motion to force appraisal of additional works of art.  The creditors’ motion will be heard January 22, 2014 at 10:00 a.m.

Full Christie’s Report Issued on Detroit Institute of Arts Collection, City Holding the Cards to Push for Negotiated Grand Bargain

By Nicholas O'Donnell on Posted in Appraisal, Detroit Bankruptcy

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 divulged that the report commissioned by the city from Christie’s to appraise the Detroit Institute of Arts (DIA) collection was nearly finished. … Continue Reading

Post Eligibility Ruling, Kevyn Orr Reiterates Expectation That DIA will Contribute Revenue to City’s Financial Plan

By Nicholas O'Donnell on Posted in Detroit Bankruptcy

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.”  Adding complexity to an… Continue Reading

Detroit Creditors Press Bankruptcy Court for Action on Sale of Detroit Institute of Arts Collection, Motion Likely Premature and Unfounded

By Nicholas O'Donnell on Posted in Detroit Bankruptcy

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 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

Detroit Bankruptcy Eligibility Trial Begins, Art Collection Could Hang in the Balance

By Nicholas O'Donnell on Posted in Detroit Bankruptcy

Trial begins today in the U.S. Bankruptcy Court in Detroit over whether the city of Detroit is even eligible for the Chapter 9 bankrupcty protection it sought earlier this year.  The major point of contention is whether Detroit may, under the Michigan constitution, seek bankrupcty in a way that would reduce pension payments (as it… Continue Reading

Detroit Emergency Manager Expects DIA Collection to Bring Revenue

By Nicholas O'Donnell on Posted in Bankruptcy, Detroit Bankruptcy

As 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

Detroit Institute of Arts Deaccessioning: Municipal Bankruptcy, Existing and Proposed Changes to Michigan Law Affect Debate

By Nicholas O'Donnell on Posted in Bankruptcy, Collections, Deaccession, Legislation, Museums

An 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