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Full-Text Articles in Entertainment, Arts, and Sports Law
Art & The “Public Trust” In Municipal Bankruptcy, Brian L. Frye
Art & The “Public Trust” In Municipal Bankruptcy, Brian L. Frye
Law Faculty Scholarly Articles
In 2013, the City of Detroit filed the largest municipal bankruptcy action in United States history, affecting about $20 billion in municipal debt. Unusually, Detroit owned its municipal art museum, the Detroit Institute of Arts (“DIA”) and all of the works of art in the DIA collection, which were potentially worth billions of dollars. Detroit’s creditors wanted Detroit to sell the DIA art in order to satisfy its debts. Key to the confirmation of Detroit’s plan of adjustment was the DIA settlement, under which Detroit agreed to sell the DIA art to the DIA corporation in exchange for $816 million …
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 …
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
University of Miami Business Law Review
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 …