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January 13, 2014

DIA And Foundations Proposal

It is wonderful that the Foundations are willing to help and let's make sure it is done right.

Here is a key paragraph in an article in the Free Press dated January 13, 2014.

"In other words, there is no deal until all the various claims in the broader bankruptcy case have been settled. And the foundations’ support is contingent upon all their money going to support the twin goals of helping fill the unfunded gap in Detroit’s municipal pension obligations and protecting the DIA art collection from possible sale to pay the city’s creditors."

Let's practice what the local newspapers preach. Full disclosure of the deal should be given before striking an agreement. When the EM took control of the city talk was that the artwork at the DIA was worth several billions of dollars. A recent appraisal by Christie's puts the appraisal somewhere around $750 million. I understand that Christie's appraisal was only on part of the collection. Why? That has never fully explained.and a second appraisal needs to be ordered.

Further, how much of a haircut by the pensioners is going to be required in order for the deal to happen? The citizens have a right to know, as does the union and the pensioners before striking the deal.

The risk of killing the deal should not be a reason for not disclosing the devilish details.

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