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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsDetroit’s Creditors Eye Its Art Collection
http://www.nytimes.com/2013/07/20/arts/design/detroits-creditors-eye-its-art-collection.htmlDespite the Michigan AG barring the liquidation of Detroit's artwork creditors will push the issue in front of a federal judge anyway. The emergency manager decided to "help" by siding with the creditors.
Make no mistake. The emergency manager is there to strip Detroit down to the tacks and place the public commons into private hands.
......
Samuel Sachs II, who was the director of the museum from 1985 to 1997, said on Friday, If they do attack this, it will be the end of one of the most venerable cultural institutions in the country, not just in Detroit.
He added: If you could sell off Detroits hospitals and its universities, would you do that, too? If you do things like this, youre basically spelling the end of the city as an ongoing entity.
TDale313
(7,820 posts)Actually, I think that's probably an insult to vampires.
Wounded Bear
(59,067 posts)Sorry to go all Godwin's Law and all, but hey, it fits this situation to a tee.
Dreamer Tatum
(10,926 posts)$18 billion right this moment. Where does $18B come from? And if you get that, how do you keep it coming?
Simple question.
leftstreet
(36,128 posts)Dreamer Tatum
(10,926 posts)At least that's an answer.
Wounded Bear
(59,067 posts)oldhippie
(3,249 posts).... is mostly what you will hear, if anything.
People have been looking for another solution for decades. Haven't found one yet.
Earth_First
(14,910 posts)ananda
(29,039 posts)... and privatize everything.
pa28
(6,145 posts)Instead he put it all back on the table clearly showing he's with "the program". I'm guessing Belle Isle is next.
Chiyo-chichi
(3,615 posts)chimpymustgo
(12,774 posts)mstinamotorcity2
(1,451 posts)he knew the bankruptcy was going to get thrown out. I personally would rather the Federal Government do it if it has to be done. If I am not mistaken the pensions will get guaranteed up to a percentage under the Government pension rules. Which in my opinion is better than nothing. They will also probably place the Arts under some Historical preservation act. Don't trust Snyder or ORR.
theHandpuppet
(19,964 posts)That alone should put a sizeable dent in the deficit.
Union Scribe
(7,099 posts)they will not be prepared for the fight they get.
Nye Bevan
(25,406 posts)pa28
(6,145 posts)Orr offered these unsecured creditors a little over twenty cents on the dollar in negotiations while offering Bank of America seventy-five cents.
If the collection is liquidated bondholders are first in line. I would question Orr's motives and I'm not just prepared to believe his assertion that the city cannot afford to pay it's pension obligations.
roamer65
(36,753 posts)If Detroit cannot keep it, it needs to become the property of the American people.
pa28
(6,145 posts)If the collection were to be liquidated I'd rather see it stay in the public commons.
Right now it looks like the difference between city assets and obligations is in the neighborhood of 5-10 billion. The fed currently pumps that much every single week into MBS purchases with questionable collateral to support financial institutions.
If the artwork were about to be lost to private purchasers maybe it could be included as part of a federal bailout package and returned to the commons.
demmiblue
(37,082 posts)Shoot, this area recently passed a millage that entitled people of all three counties to access the museum free of charge. That is saying something given the income disparity, political affiliation and the historical divide that has existed in this area. The fact that the importance of the DIA is so ingrained in such a diverse population gives me hope.
pa28
(6,145 posts)The levy you passed is not a small amount, something like 25 million a year in support of the museum even in the face of economic hardship. The DIA is clearly valued by the community.
Your millage brings up another issue that is almost as disturbing as breaking up the collection piecemeal at an auction. If a foundation were to come in and offer a flat price for the whole collection in exchange for keeping it in place I believe it would be hailed as kind of a happy ending bedtime story. All good right?
The art would stay where it is but you would lose ownership. Secondly, your substantial tax levy might now be directed into the hands of the purchaser. The future returns from that tax could be considered an asset.
demmiblue
(37,082 posts)your scenario is kind of, well, ridiculous. A flat price for the entire collection?! I am guessing that that would be totally impossible given the legal restraints that were placed on the sale/transfer of some of the donated works (I can't be specific, but I know that this was one of the issues discussed). Also, the patrons of the DIA would raise a shit-storm. The mere fact that the millage passed in this economic climate is a testament to their ability to reach out to the public.