Last year’s biggest art law story was, in our view the Detroit bankruptcy. Nathan Bomey, who along with Mark Stryker formed the essential reporter team on up-to-the-minute updates on the proceedings, interviewed Bankruptcy Judge Steven Rhodes in the Detroit Free Press. The interview speaks for itself, but the highlights to me were:
Topics: Judge Rosen, Mark Stryker, Chapter 9, Syncora Capital, Financial Guaranty Insurance Co., Judge Rhodes, Christie's, valuation, Detroit, Detroit Institute of Arts, Bankruptcy, Nathan Bomey, Detroit Free Press, Museums, Detroit Bankruptcy, grand bargain
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.
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