Bankruptcy Expert Claims Detroit's Art-for-Pensions Deal is Illegal

  • May 11, 2014 22:35

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The Wedding Dance a 1566 oil-on-panel painting by the Dutch artist Pieter Bruegel the Elder. Collection of Detroit Institute of Arts.

The $816-million art-for-pensions deal that a federal judge helped craft for Detroit does not hold up from a legal standpoint, according to a Washington Post writer.

Although "clever and imaginatve," the scheme to save city-owned art in the Detroit Institute of Arts from being sold to satisfy Detroit's creditors is fatally flawed, according to writer David Skeel, a bankruptcy law professor.

While the deal would pay Detroit's pensioners,, bondholders would not benefit as well from the "Grand Bargain" that would move the city-owned art to private control. Skeel says the deal falls flat because it "discrimnates unfairly" against some creditors.

Read more at Washington Post

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