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

Posted by Nicholas O'Donnell on November 27, 2013 at 9:11 AM

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 the sale of DIA's art. It will ultimately be, as it has always been, the decision of the city through its emergency manager Kevyn Orr. Significantly, though, this is the first actual filing in the bankruptcy related to DIA.

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Topics: Syncora Guarantee Inc., NORD/LB Covered Finance Bank S.A., City of Detroit Retirees, 11 U.S.C. § 904, Syncora Capital Assurance Inc., Dexia Crédit Local, FMS-WM Service, Christie's, valuation, Ambac Assurance Corporation, Appraisal, Detroit, Detroit Institute of Arts, Bankruptcy, FMS Wertmanagement, DIA, Erste Europäische Pfandbrief-und Kommunalkreditban, Hypothekenbank Frankfurt International S.A., Dexia Holdings, Michigan Council 25 of the American Federation of, AFL-CIO and Sub-Chapter 98, Kevyn Orr, Hypothekenbank Frankfurt AG, Financial Guaranty Insurance Company, Detroit Bankruptcy, National Association

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About the Blog

The Art Law Report provides timely updates and commentary on legal issues in the museum and visual arts communities. It is authored by Nicholas M. O'Donnell, partner in our Art & Museum Law Practice.

The material on this site is for general information only and is not legal advice. No liability is accepted for any loss or damage which may result from reliance on it. Always consult a qualified lawyer about a specific legal problem.

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