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Demo_Chris

(6,234 posts)

17. Okay, but the city is 20 BILLION in debt...

Tue Nov 26, 2013, 06:38 PM

Nov 2013

So it's gonna take a whole lot more than that. In any case, I don't know that the city owns ANY of these teams.

The Pistons:

http://www.forbes.com/lists/2008/32/nba08_Detroit-Pistons_320844.html

The Lions:

http://www.forbes.com/lists/2006/30/06nfl_Detroit-Lions_300486.html

The Tigers:

http://www.forbes.com/lists/2011/33/baseball-valuations-11_Detroit-Tigers_332729.html

This is a very real crisis. This city is positively drowning in debt and it doesn't look like it's going to get better. Honestly I don't know what to do, but I know that there aren't any easy answers. And no, I absolutely oppose bailing them out.

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Detroit bankruptcy creditors ask judge to take steps toward sale of DIA treasures [View all] Faygo Kid Nov 2013 OP

A city can't screw its creditors and keep the art. cosmicone Nov 2013 #1

Of course. It's sad, but there it is. nt Demo_Chris Nov 2013 #4

Sell the Detroit Lions !! pangaia Nov 2013 #11

Ouch. navarth Nov 2013 #36

OOppss. apologies. pangaia Nov 2013 #39

it's ok... navarth Nov 2013 #55

Maybe could have seized them by eminent domain when they really sucked, but now that they are 24601 Nov 2013 #53

It's a little more complicated than that. KamaAina Nov 2013 #15

Only part of the collection is owned by the city hack89 Nov 2013 #60

The other question is, what collateral is traditionally put up for city and/or county bonds. If okaawhatever Nov 2013 #31

And their art. aquart Nov 2013 #35

You can demand anything you want. Whether the court will order it is the issue. The fundamental 24601 Nov 2013 #54

Sickening. Union Scribe Nov 2013 #2

Selling Art and stuff yeoman6987 Nov 2013 #52

Or maybe a better analogy is the selling of body parts... CTyankee Nov 2013 #58

Art. Not a necessity. tabasco Nov 2013 #65

Pity yeoman6987 Nov 2013 #66

Art is the necessity. Now and always. kwassa Dec 2013 #67

fuck them. Fuck all of them. Tansy_Gold Nov 2013 #3

Amen. Union Scribe Nov 2013 #5

How do you suggest the creditors collect their money? Demo_Chris Nov 2013 #6

Sell the Lions, Tigers and Pistons ! pangaia Nov 2013 #13

Okay, but the city is 20 BILLION in debt... Demo_Chris Nov 2013 #17

Can't argue with you there. pangaia Nov 2013 #23

Because those things are LUXURIES. They are treasures. nt Demo_Chris Nov 2013 #26

I agree they are treasures, as in National Treasure or pangaia Nov 2013 #30

I suggest the creditors go fuck themselves Tansy_Gold Nov 2013 #14

You understand that the major creditor filing suit here represents PUBLIC WORKERS right? Demo_Chris Nov 2013 #18

I understand that. Tansy_Gold Nov 2013 #28

All investments involve risk. safeinOhio Nov 2013 #32

+1 well said lunasun Nov 2013 #51

From Goldman Sachs? KamaAina Nov 2013 #20

Amen, Amen. n/t Tansy_Gold Nov 2013 #29

Loaning money means assuming risk. JDPriestly Nov 2013 #42

Wouldn't art of this magnitude be auctioned by the largest galleries No Vested Interest Nov 2013 #10

Many museums can no longer afford their existing collections Tansy_Gold Nov 2013 #41

I'm sure you're correct, in many instances No Vested Interest Nov 2013 #43

best post evah! UpInArms Nov 2013 #24

The Billionaire owners of the private Art Collections will have a field day warrant46 Nov 2013 #38

As I said Tansy_Gold Nov 2013 #40

+1 N/T warrant46 Nov 2013 #49

And asshole Orr will shrug his shoulders and say louis-t Nov 2013 #7

I get it! It's another way to tax the rich! malthaussen Nov 2013 #8

There are likely a number of works lent or donated with contingencies No Vested Interest Nov 2013 #9

They need a White Knight bucolic_frolic Nov 2013 #12

"Nazi Nobility" -- you said it perfectly. n/t Tansy_Gold Nov 2013 #16

The (R) state attorney general says they can't sell the art caraher Nov 2013 #19

Screw these 1% assholes blackspade Nov 2013 #21

Art yeoman6987 Nov 2013 #59

Do tell then. blackspade Nov 2013 #62

What will they do instead yeoman6987 Nov 2013 #63

So they sell the art.... blackspade Nov 2013 #64

Nazis pilfered art, too. blkmusclmachine Nov 2013 #22

And just HOW will the art be sold? DFW Nov 2013 #25

Can the citizens sue the city? Amimnoch Nov 2013 #27

The citizens ARE suing the city hack89 Nov 2013 #61

art is the new status symbol for the multi billionaires of the world madrchsod Nov 2013 #33

I've been to the DIA many times..... llmart Nov 2013 #34

Everybody's failing to mention the REAL big one they intend to steal: navarth Nov 2013 #37

This is what happens when you sell municipal debt on the open market to derivatives traders. Monk06 Nov 2013 #44

Yes. It was looting to make the Visigoths envious Demeter Nov 2013 #47

I'm really surprised the DIA hasn't found institutions in other cities to lease or buy some stuff. JVS Nov 2013 #45

Snyder and Orr will sell to the highest bidder JustABozoOnThisBus Nov 2013 #46

to those that keep saying "the creditors need to be paid" DonCoquixote Nov 2013 #48

Are you paying attention? bluedeathray Nov 2013 #50

Disaster capitalism comes home to roost. Nihil Nov 2013 #56

I'm going to post my National University idea again... hunter Nov 2013 #57