- Posted June 13, 2014
- Tweet This | Share on Facebook
Money pledged to protect art in Detroit bankruptcy
DETROIT (AP) - The Detroit Institute of Arts says it has $13 million in new pledges from two major philanthropies to prevent the sale of art and help retirees in Detroit's bankruptcy.
The Andrew W. Mellon Foundation is pledging $10 million, and the J. Paul Getty Trust is offering $3 million. The Detroit museum is committed to raising $100 million.
In a statement Wednesday, DIA director Graham Beal says the gifts are extraordinary. General Motors, Ford Motor and Chrysler last week pledged $26 million.
The museum, the state of Michigan and other foundations together are giving more than $800 million to soften pension cuts in Detroit's bankruptcy and keep creditors away from the art collection.
Judge Steven Rhodes has set an Aug. 14 trial on Detroit's plan to get out of bankruptcy.
Published: Fri, Jun 13, 2014
headlines Oakland County
headlines National
- The business of successfully running an in-house department
- ACLU and BigLaw firm use ‘Orange is the New Black’ in hashtag effort to promote NY jail reform
- Justice Gorsuch writes children’s book about ‘Heroes of 1776’
- Companies use ‘deceitful tactics’ to market harmful ultra-processed products with ‘addictive nature,’ city’s suit alleges
- Lawyer accused of trying to poison her husband
- ‘Lawyers Gone Wild’? Filmmaker criticizes bar as he seeks ethics probe of serial killer’s daughter for alleged lie
