Thursday, January 30, 2014

Something smells here. Smells REAL Bad----DIA's $100M pledge to rescue fund helps clear path to bankruptcy resolution

$100 million from artsy-fartsies to bail out Detroit?
Yeah.
And I've got a sweet deal for you on a bridge in Mackinac.....
DIA's $100M pledge to rescue fund helps clear path to bankruptcy resolution | Detroit Free Press | freep.com:
 "The DIA said today that its board of directors approved a $100-million fund-raising campaign over 20 years with donations coming from companies and individuals.
The pledge comes after more than six weeks of delicate negotiations concerning how much cash the museum was willing and able to contribute to the plan and eight months after the museum was put on notice by Orr that the DIA’s collection could be sold to help pay down some of the city’s debt.

A significant contribution from the DIA has been considered key to garnering political support in Lansing and to satisfying Orr, who said he believes that he won’t be able to get court approval for a final restructuring plan without accounting for the value of DIA art.
But the size of the museum’s contribution comes as a surprise.
In recent weeks, sources close to the negotiations told the Free Press that Orr considered $100 million over 20 years a reasonable target, but DIA officials had previously rejected this as impossible."

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