DETROIT - The city of Detroit is so deep in debt that there's an interesting and alarming question now being asked: Could creditors - the people, businesses and organizations that the city of Detroit owes money to come to the Detroit Institute of Arts and raid the building of its treasures held so dear to make up for the cash they are owed?
New Emergency Manager Kevyn Orr has asked for an appraisal of the collection
Inside the DIA and that is sparking fears in philanthropic circles - the Detroit art lover community and from tax payers helping fund the DIA to keep it viable. There are fears that the emergency manager
means to auction off the city's works of arts.
With Kevyn Orr now charged with the task of handling the city's $15 billion in debt and liabilities could a fire sale be actually held here - with Detroit selling off a Degas or Van Gogh?
The Emergency Manager's spokesperson says asking for the art appraisal is simply a step in the city is getting all of its ducks in a row - they'll be asking creditors to take a loss. The Emergency Manager wants to be prepared when those creditors then ask the value of key city assets like the DIA.
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