Fight Over DIA Value Resumes in Court Next Week
THE DETROIT FREE PRESS
By Mark Stryker
MICHIGAN---When Detroit's bankruptcy trial restarts on Monday, the battle over the value of the Detroit Institute of Arts will return to center stage. The city's largest holdout creditor, bond insurer Financial Guaranty Insurance Co. If FGIC can prove that the museum is undervalued or that art can and should be sold, U.S. Bankruptcy Judge Steven Rhodes could reject Orr's restructuring plan to slash more than $7 billion in city debt, reinvest $1.4 billion in services and preserve the DIA as an independent institution. Though Rhodes has signaled several times that selling DIA treasures would not sustain city finances or services in the long term, the fight over the value of the museum speaks directly to the legality of the $815-million grand bargain at the core of Orr's plan — and whether the plan is fair and feasible. [link]
By Mark Stryker
MICHIGAN---When Detroit's bankruptcy trial restarts on Monday, the battle over the value of the Detroit Institute of Arts will return to center stage. The city's largest holdout creditor, bond insurer Financial Guaranty Insurance Co. If FGIC can prove that the museum is undervalued or that art can and should be sold, U.S. Bankruptcy Judge Steven Rhodes could reject Orr's restructuring plan to slash more than $7 billion in city debt, reinvest $1.4 billion in services and preserve the DIA as an independent institution. Though Rhodes has signaled several times that selling DIA treasures would not sustain city finances or services in the long term, the fight over the value of the museum speaks directly to the legality of the $815-million grand bargain at the core of Orr's plan — and whether the plan is fair and feasible. [link]
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