Thursday, January 23, 2014

Update on THe Detroit Institute of Arts

There has been a little bit of good news regarding the attempt to loot The Detroit Institute of Arts. Yesterday, a judge overseeing Detroit's bankruptcy has rejected a request from creditors who want a role in deciding what to do with the city's valuable art collection.
Federal Judge Steven Rhodes says he lacks authority to appoint a committee.
Creditors filed a request two months ago to have a say in the appraisal of art and any potential way to make money from it. Since then, foundations have pledged more than $300 million to prevent any sale and shore up Detroit pensions.
Quick Clicks

Detroit bankruptcy judge rejects deal with banks
Orr shakes up pension fund for workers
Blog: Detroit EM says deal to pay off debt necessary
Detroit bankruptcy judge reviews new deals to pay off debt

Separately, Gov. Rick Snyder has talked to state lawmakers about the state chipping in.
Christie's auction house has appraised about 2,800 pieces of art, saying they're worth $454 million to $867 million.
Rhodes says there will be opportunities later to argue over what to do with art, if anything.
Last week, I wrote about how a group of organizations and corporations have created a fund of over $400,000,000 to save the this irreplaceable collection and vital cultural resource from being looted for no other reason but opportunistic greed!
You can join in the fight. In my last post, you can find out how to become a member/supporter of the DIA. It's easy and very cheap. Cheaper still and I am requesting that anyone who cares do this, click on this link and sign and share this petition to show your support.

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