Sell art improve schools and improve Detroit's future

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“The museum is owned by the city, and the city is, in fact, in bankruptcy. That asset lawfully should be available to assist in the plan of exit,” said Ian Peck, Art Capital’s chief executive. “But we also believe that this art is a national treasure and should be preserved as such.”

"As Detroit prepares to defend its plan next week to exit bankruptcy, city leaders have received an unusual offer: Why not mortgage all the Van Goghs, Picassos and other works in the Detroit Institute of Arts? A company called Art Capital, which makes loans backed by artwork, has told the city it is willing to lend it up to $3 billion, roughly 10 times the exit financing Detroit is now contemplating, using the museum’s art as collateral." Detroit Mum on Proposal to Use Its Art as Collateral, New York Times, August 26, 2014
With this deal Detoit could leave the agreement in place with the city retirees and provide funds to make Detroit Public Schools the best district in the state. Why wouldn't they want to do it?

In the same New York Times article Bill Nowling said. “The city supports and is committed to the grand bargain,” The city should be committed to the best deal possible and it appears the Grand Bargain may not be so Grand.

David Skeel, who teaches bankruptcy law at the University of Pennsylvania, said "Remember, there’s a great impetus, as you get to the end of a Chapter 9 bankruptcy, to confirm the plan,” he said. “But more important than confirming the plan is doing the right thing.”

The right thing to do is sell the art, improve Detroit's schools and save Detroit's future in the process.

Comments

  1. Steve BanickiAugust 27, 2014 at 9:49 AM

    If the art is a national treasure let the federal government buy it and store it at the DIA in Detroit.

    ReplyDelete
  2. naglepadleyNovember 6, 2022 at 4:23 AM

    Of the country’s 17 casinos, sixteen are for foreigners only, although Koreans who can produce an abroad passport can even play. As the nation’s only casino that welcomes all Koreans properly as|in addition to} foreigners, Kangwon Land 퍼스트카지노 revenue–US$1.2 billion final year–exceeds that of Korea’s other casinos mixed. Projected to open in 2023,Inspire is actively underneath building however is already residing up to as} its name with a imaginative and prescient in contrast to|not like} any around. Visitors may even be able to|be succesful of|have the ability to} experience sophisticated cultural content material from top global creators of various varieties, such as art, exhibitions and performances. Twentieth Century Fox World Korea - Another proposed integrated resort in Korea that will doubtless never see the sunshine of day.

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