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Grand News for Grand Bargain: Judge Rhodes Approves Detroit Bankruptcy Plan UPDATED

At this writing, Judge Rhodes is still presenting the details of his decision to approve Detroit’s bankruptcy plan. But the bottom line for the Detroit Institute of Arts is this, as described in an initial Detroit Free Press report, already online:

The DIA, which waged a fierce fight against any potential sale, will not have to sell a single piece of art to pay off the city’s debts or reinvest in services.

A press conference by the Governor, Emergency Manager and Mediator is expected after the ruling. Stay tuned to the Free Press’s live blog for continuous updates.

If that paper doesn’t get a Pulitzer Prize for its superb bankruptcy coverage, I’ll eat my blog!

UPDATE from the Free Press’ live blog:

Detroit Institute of Arts will no longer be owed by the city of Detroit. It becomes an independent institution. “The court was especially impressed with the testimony of” DIA executive director Annmarie Erickson, Rhodes says

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