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September 20, 2014

Motown owns all art at DIA?


It is concerning that little is mentioned in the local media regarding the discussion last Thursday, September 18, 2014, about the city's ability to sell all the art stored at the DIA . Here is what a Detroit Free Press reporter, Brent Snavely, said Thursday in the daily blog relating to the Detroit bankruptcy court proceedings.

"It's possible here that McCarthy (FGIC attorney Ed McCarthy, of Weil, Gotshal & Manges) has established, definitively, that city owns the DIA right now. But the real question is if creditors can force the city to sell the art as part of Chapter 9 bankruptcy when city does not want to do that and most other creditors are now on board with that plan." by bsnavely 11:52 AM, yesterday.

This changes everything. If correct, it means the "Grand Bargain" truly begins to look like a Grand Scam. It means the city would be giving away assets probably totaling over $10 billion for $800 million paid over 20 years, which converts to a present value of $500 million. If this is true it means the grand bargain is putting up 5 cents worth of value for every $1 dollar of art given away.

Why isn't the local press all over this breaking news? Why aren't they expressing outrage that Detroit, including the citizens of Detroit, are having their assets taken away from them in front of their noses? Perhaps the Detroit Free Press is verifying exactly what was said in court before they respond.

The press deserves some of the blame for not reporting the wrong doings of city leaders in the past that led up to the city's collapse. Let's hope this is not a repeat.... http://lstrn.us/1tJAzDn

Is the Grand Bargain a plan to save Detroit or the DIA? These two objectives are not mutually inclusive. There are better ways to save Detroit. It starts with Kevyn Orr and Jones Day preventing the creditors from getting their hands on Detroit's art and then here is what should be done... http://lstrn.us/1rWkgmQ

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