Friday, May 24, 2013
Detroit emergency manager Kevyn Orr is considering whether the multibillion-dollar collection at the Detroit Institute of Arts should be considered city assets that potentially could be sold to cover about $15 billion in debt.
Oh, oh. This is not going to be very popular, at all.
But this isn't going to go down without a fight. DIA Executive Vice President Annmarie Erickson said the museum has hired New York bankruptcy attorney Richard Levin of Cravath, Swaine & Moore to advise ways to protect the collection from possible losses.
“We are standing by our contention and belief that we hold the collection in trust for the public,” Erickson said this evening. “And although to some it may seem to be an asset, we do not.”
Posted by Sergio Muñoz Sarmiento at 10:20 AM