Bond Insurer Syncora Sends Exhaustive Subpoenas to DIA
March 29th, 2014, 4:33 PM
The Detroit Institute of Art continues to be the subject of controversy in Detroit's bankruptcy.
Nathan Bomey of the Detroit Free Press reports that bond insurer Syncora is sending an exhaustive subpoena to the museum seeking all documents related to the museum’s art collection and records detailing its financial performance.
Bond insurer Syncora is seeking a broad swath of documents, including century-old records detailing the museum’s transfer to city ownership and documents specifying donor restrictions on all of the museum’s 66,000 works.
Syncora and another bond insurer, Financial Guaranty Insurance Co., are waging a fight to force the City of Detroit to take steps to turn the DIA into cash to pay off creditors.
Detroit emergency manager Kevyn Orr has said he would prefer to allow the DIA to spin off as an independent institution, preserving the art for the community.