Throughout 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 importance of the collection in helping the city emerge from bankruptcy, but his plan of adjustment did not include any sales or loans with the collection as art. Rather, it included what has come to be called the “Grand Bargain,” under which several foundations will pledge hundreds of millions of dollars (as will the State of Michigan) to keep the art safe from liquidation.
Detroit Emergency Manager Kevyn Orr Testifies About Impact of Selling Detroit Institute Art Collection
Topics: Financial Guaranty Insurance Corporation, Chapter 9, Syncora Capital, FGIC, Judge Steven Rhodes, Detroit, Detroit Institute of Arts, Bankruptcy, Nathan Bomey, Kevyn Orr, Litigation, Detroit Free Press, Museums, Detroit Bankruptcy, grand bargain