Motor City Blues
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Motor City Blues
Will Detroit’s Dubious Bankruptcy Affect the Future of Municipal Finance?

Probably more than most people think.

Motor City Blues
Foundations Pledge Millions to Save Detroit’s Art

Detroit may be able to keep its priceless art collection after all. In what is being called a “grand bargain,” the bankruptcy judge is allowing foundations to purchase the art from the city, moving it to a public trust that would keep the art on the walls. The city would use some of the proceeds from the sale to fund pension payments for retirees. So far, $330 million has already been pledged from various foundations, but the art is valued at $866 million, and time is running out to seal the deal.

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