Detroit creditors interested in value of city art
Wed, 27 Nov 2013 12:58:04 GMT —
Some of Detroit's largest creditors are asking a judge to let them have a role in assessing the city's valuable art collection.
In a court filing Tuesday, the creditors in Detroit's bankruptcy say they're in the dark when it comes to art at the Detroit Institute of Arts. The art has been undergoing an appraisal by the Christie's auction house. The report is expected in December.
Judge Steven Rhodes is being asked to appoint a 10-member committee to work with Detroit on a strategy to possibly make money off the art to pay creditors if the bankruptcy case proceeds.
Creditors say they're concerned that emergency manager Kevyn Orr might not maximize the art's potential. It could be worth billions.
The Michigan attorney general's office says the art can't be sold.