UPDATE: As I posted this, court arguments regarding the Detroit Institute of Arts’ [DIA's] collection had just wrapped up. But this just in from Nathan Bomey‘s live blog from Judge Steven Rhodes‘ bankruptcy hearing:
“Judge Rhodes said he plans to rule on the DIA art committee motion at 3 p.m. Gov. Snyder and legislative leaders plan to announce a deal today at 3:30 p.m. to contribute state funding to a foundation funding [the] deal to help spin off the DIA and reduce pension cuts. But as you can probably tell from this hearing, there will be a fight over that funding, as well.” [Emphasis added.]
It’s happening right now. [Actually, it was happening when I wrote this, but you can still click the link to get Bomey's play-by-play.]
Click the above link to follow Nathan Bomey‘s riveting live blog of this morning’s Detroit bankruptcy hearing before Judge Steven Rhodes, which (as Bomey and Mark Stryker reported yesterday) marks the first time that the issue of monetizing the Detroit Institute of Art’s collection will be discussed in open court.
Bomey and Stryker wrote:
A group of creditors plans to argue that the city should be forced to establish an independent committee to assess the worth of all of the DIA’s assets, including not only works bought with city funds but also those donated to the museum or bought with money from other sources.
Followers of my Twitter feed also know that Michigan Gov. Rick Snyder and legislative leaders reportedly reached an agreement yesterday on a deal (which would have to be approved by the state legislature) to protect the Detroit Institute’s art and provide support for pensions. Snyder had proposed that the state match funds raised from private sources as part of the Grand Bargain campaign.
I’ll update here with news from the live blog, but I wanted to give you a quick heads-up. The hearing started at 10 a.m., Detroit time.