U.S. Bankruptcy Judge Steven Rhodes was halfway through reading his 48-page decision approving Detroit’s reorganization plan on Nov. 7 when Honigman Miller Schwartz & Cohn’s Arthur O’Reilly began choking up.
O’Reilly was in the courtroom as the Detroit Institute of Arts’ lead litigator. The city’s July 2013 bankruptcy filing had raised the specter that some or all of the DIA’s collection would be sold off, and O’Reilly had spent the better part of two years preparing the city-owned museum for possible litigation if the city attempted to do so. But the plan Judge Rhodes signed off on—the so-called Grand Bargain, in which the museum commits to raise $100 million of $816 million in donations and state appropriations over 20 years to benefit the city’s retirees—was an outcome he couldn’t have imagined 18 months earlier. In transferring title to a new nonprofit entity, the judge ensured that the DIA’s 60,037-piece collection would forever be beyond the reach of the city and its potential creditors.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
