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Tansy_Gold

(18,167 posts)

28. I understand that.

Tue Nov 26, 2013, 08:25 PM

Nov 2013

And I also understand that given the nature of the bankruptcy and the fact that this is not cut and dried, those union pension funds may never have known the DIA was part of the "collateral." And maybe they wouldn't have mortgaged their city's soul if they'd know the leeches and parasites would come to collect it.

Do they want their money back? Of course they do. And I suspect there was some sense that they were going to be helping their city get back on its feet by lending it that money.

But there are times when a bad debt needs to be written off, when the greed has to be set aside and other means found.

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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 Dec 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