Bankruptcy

Henderson: Hands Off Our Art, You Soulless, Greedy, Scavenging Vultures

April 09, 2014, 5:16 PM

Stephen Henderson's reaction in the Free Press to creditors' claims filed today that they have buyers for Detroit's artwork was swift and to the point:

"Let’s repeat, all together: Hands off our stuff, you soulless, greedy, scavenging vultures."

He continues:

So now comes Financial Guaranty Insurance Co., which is involved in the notorious swaps deal that was supposed to help save city pensions, holding its own make-believe lawn sale for the collection at the Detroit Institute of Arts.

The Chinese collection? FGIC says it has a buyer who’ll pay as much as $1 billion. Other bidders said they would offer as much as $1.75 billion for the museum’s whole collection.

This is tiresome, to be sure, given all the discussion dedicated so far to the bald stupidity involved in selling off the DIA and the clear intent of municipal bankruptcy to preserve the city’s ability to function.

FGIC is objecting to the current proposal for rationalizing the DIA’s assets (a deal that would leverage the museum’s collection for $815 million in contributions to soften the bankruptcy’s blow to pensioners) isn’t squeezing enough out of the museum.

FGIC wants more for banks, including those whose investments it insured in Detroit.

There’s no shame in that — its job is to recover as much as possible.

But FGIC isn’t in charge of this process, and this kind of presumption is an example of why that’s the case.


Read more:  Detroit Free Press


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