Posted inNews

Judge Approves Historic Detroit Bankruptcy Plan, Protecting Its Museum

Judge Steven Rhodes approved Detroit’s bankruptcy plan today, allowing the city to move out of insolvency in the coming weeks and slowly towards financial independence. Rhodes called the plan “fair and feasible,” the Detroit Free Press reports, “providing the legal authority for the city to slash more than $7 billion in unsecured liabilities and reinvest $1.4 billion over 10 years in public services and blight removal.”

Posted inNews

Detroit Museum Continues Battle to Protect Its Art

The Detroit Institute of Arts (DIA) has turned to a judge to help keep its art on its walls and out of the hands of the city’s bankruptcy creditors. Last night, the museum filed an objection to a proposal spearheaded by Financial Guaranty Insurance Co. (FGIC) and Syncora to reevaluate the art in the museum’s collection, the Detroit Free Press reported.

Posted inOpinion

No Mag Is an Island

In the latest issue of Cluster Mag, a “magazine of international popular culture,” writer Jesse Myerson places the asset-stripping drama surrounding Detroit’s bankruptcy against a broader historical context, one that dates to the 13th-century failure of Constantinople.