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Full-Text Articles in Entertainment, Arts, and Sports Law
Pensions Or Paintings?: The Detroit Institute Of Arts From Bankruptcy To Grand Bargain, 24 U. Miami Bus. L. Rev. 1 (2015), Maureen Collins
Pensions Or Paintings?: The Detroit Institute Of Arts From Bankruptcy To Grand Bargain, 24 U. Miami Bus. L. Rev. 1 (2015), Maureen Collins
Maureen B. Collins
This article examines the issues faced by the City of Detroit and the Detroit Institute of Arts when Detroit filed for municipal bankruptcy. Creditors called for the sale of the highly esteemed DIA art collection to pay outstanding municipal pension obligations. The DIA and the Michigan Attorney General viewed the collection not as an asset, but as a charitable public trust. Simply put, the City faced the question of what mattered most – pensions or paintings? Along the way, the parties and courts struggled with valuation of the art collection, a history of judicial decisions and lawmaking regarding charitable trusts …
Pensions Or Paintings? The Detroit Institute Of Arts From Bankruptcy To Grand Bargain, Maureen B. Collins
Pensions Or Paintings? The Detroit Institute Of Arts From Bankruptcy To Grand Bargain, Maureen B. Collins
Maureen B. Collins
This article examines the issues faced by the City of Detroit and the Detroit Institute of Arts when Detroit filed for municipal bankruptcy. Creditors called for the sale of the highly esteemed DIA art collection to pay outstanding municipal pension obligations. The DIA and the Michigan Attorney General viewed the collection not as an asset, but as a charitable public trust. Simply put, the City faced the question of what mattered most – pensions or paintings? Along the way, the parties and courts struggled with valuation of the art collection, a history of judicial decisions and lawmaking regarding charitable trusts …