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Detroit Institute of Arts Collection may be viewed as 'assets' in a bankruptcy

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The main entrance of the Detroit Institute of Art. Detroit's E.M. says he may need to walk in and sell some of their collection to settle the city's debt.
The main entrance of the Detroit Institute of Art. Detroit's E.M. says he may need to walk in and sell some of their collection to settle the city's debt.

DETROIT  (WKZO) -- There is a real possibility that  the Detroit Institute of Arts could lose part of their collection to help pay down Detroit's debt in a Chapter 9 bankruptcy. 

The D.I.A. claims that an agreement states the museum will operate under professional standards, and the art belongs to the museum, and can only be bought, sold or traded to benefit the collection.

Emergency Financial Manager Kevyn Orr's spokesman Bill Nowling says  says any such agreement would be invalid in a bankruptcy filing. The art would be viewed as just another city asset.

Nowling also criticized DIA executives, saying they were warned of a “potential huge liability for them” before the city was declared in a state of financial emergency and the E.F.M. was appointed.

 The DIA Board of Directors is scheduled to hold a meeting to discuss the issue on June 3rd.

 

 

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