Judge In Detroit Bankruptcy Case Won't Give Creditors Hands-On Access To Rare, Valuable Art

[Purveyor]

DETROIT — A judge in Detroit's bankruptcy refused to grant hands-on access to a valuable trove of art Thursday, telling creditors who face steep losses in the case that they can visit a city museum and browse the walls like any other patron.

Bond insurers have pointed to the art as a possible billion-dollar source of cash in the bankruptcy. But the city is firmly opposed to any sale and instead is banking on a separate, unique deal that would protect the art forever and soften pension cuts for thousands of retirees.

Attorneys for Syncora Guarantee and Financial Guaranty Insurance said potential buyers should be allowed to look at certain pieces at the Detroit Institute of Arts, even remove them from the walls and examine the backs.

"The record fails to justify this extraordinary relief," Judge Steven Rhodes said after hearing arguments for more than an hour.

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http://www.therepublic.com/view/story/1573bd9f394f42b5b193552d003296bd/US--Detroit-Bankruptcy

[gollygee]

1. This is great news!

Yay!

[louis-t]

2. I smelled a rat when I heard this on the radio today.

"Yeah, take down all the art so's we kin look at it. Pay no attention to the 50 empty semi's out back. Well, long as it's down, let's put a ad on Craig's list and see what someone will offer, cuz we should find out what it's worth."