A committee representing Detroit’s 20,000 municipal retirees is demanding a more thorough review of the Detroit Institute of Arts (DIA) collection, arguing that Emergency Manager Kevyn Orr’s revised bankruptcy plan is less favorable than the original, MLive.com reported.
The saga of Detroit’s bankruptcy negotiations rolls on, and the Detroit Free Press continues to have the scoop on the story. The latest: the Detroit Institute of Arts has pledged to raise $100 million over 20 years to contribute to the city’s rescue.
In July, when we covered Peter Schjeldahl’s since-retracted stance on selling the Detroit Institute of Arts (DIA), we noted the legal and logistical challenges of liquidating any part of the collection. Though a lot has transpired since then, there remains a lingering uncertainty about the legal standing of City of Detroit creditors vis-à-vis the DIA itself.
In a process that at this point is approaching farce, the Detroit Free Press is reporting that City of Detroit emergency manager Kevyn Orr demanded yesterday that the Detroit Institute of Arts (DIA) contribute to a city bankruptcy fund, despite the recent $680 million intervention on the DIA’s behalf by Michigan governor Rick Snyder and a consortium of nonprofit foundations.
DETROIT — “The greatness of America lies not in being more enlightened than any other nation, but rather in her ability to repair her faults,” wrote Alexis de Tocqueville. The US is great because it can roll up its sleeves and fix its problems. On December 3, US Bankruptcy Judge Steven Rhodes ruled that the City of Detroit was eligible for Chapter 9 bankruptcy protection.
In a legal filing today first reported in the Detroit Free Press, a consortium of Detroit creditors aggressively make their case for the sale of the Detroit Institute of Arts’ collection. The document, dated November 26, charges that emergency manager Kevyn Orr has been insufficiently transparent about the process by which Christie’s is evaluating the DIA’s collection.
The Detroit News has reported that it was Emergency Manager Kevin Orr who brought in Christie’s to appraise the Detroit Institute of Arts (DIA) collection. Orr, who in turn claimed that he is acting on behalf of creditors, has come under fire in recent weeks for his seemingly cavalier treatment of the DIA collection as the city forges into the grueling bankruptcy process.