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.”
Post Eligibility Ruling, Kevyn Orr Reiterates Expectation That DIA will Contribute Revenue to City’s Financial Plan
Posted by
Nicholas O'Donnell on December 3, 2013 at 1:47 PM
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Topics: DIA collection sale, Detroit, Detroit Institute of Arts, DIA, Kevyn Orr, Detroit Bankruptcy
Detroit Institute of Arts Responds Swiftly to Detroit Bankruptcy Eligibility Ruling
Posted by
Nicholas O'Donnell on December 3, 2013 at 7:16 AM
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 Bankruptcy (in which specific reference to the DIA collection was made). As we expected, DIA took aim at last week's creditors, and make clear its vehement objection to the capitalization of the museum's collection. The statement reads:
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Topics: DIA collection sale, Detroit, Detroit Institute of Arts, Detroit Bankruptcy
Detroit Bankruptcy Will Proceed, Judge’s Comments about Detroit Institute of Arts Could Affect Involvement or Sale of Artwork
Posted by
Nicholas O'Donnell on December 3, 2013 at 6:59 AM
The 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 state law, whether the city had bargained in good faith, and the extent to which pensions could be cut in the eventual plan to emerge from bankruptcy. The written decision is not yet available, but check back later in the day and it will be posted here.
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Topics: kevyn, DIA collection sale, Steven W. Rhodes, U.S. District Court for the Eastern District of Mi, Christie's, Detroit, Detroit Institute of Arts, DIA, Detroit Bankruptcy
