City’s creditors denied special access to art trove
A man looks at a car swept up in the destruction caused by a landslide in the village of Topcic-Polje, Bosnia. A nearby river flooded after heavy rainfall, which led to power outages and road blockades in some suburban and rural areas yesterday. The flooding then led to the landslide, wiping out standing structures and sweeping up whatever was in its path. Nationally, five people had died in flooding. yesterday, also pointed blame at President Barack Obama’s strategic “pivot” to Asia as Vietnam and China grapple with one of the worst breakdowns in relations since the neighbors fought a brief border war in 1979.
Anti-China riots in Vietnam erupted after China’s towing of an oil rig into waters claimed by both countries. As many as 21 people have been killed and a huge foreign steel project has been set ablaze.
A judge in Detroit’s bankruptcy refused to grant handson access to a valuable trove of art yesterday, telling creditors in the case that they can visit a city museum and browse the walls like any other patron.
Bond insurers have pointed to the art as a possible billiondollar source of cash in the bankruptcy. But the city is firmly opposed to any sale and instead is banking on a unique deal that would protect the art and soften pension cuts for thousands of retirees.
Attorneys for Syncora Guarantee and Financial Guaranty Insurance said potential buyers should be allowed to look at certain pieces at the Detroit Institute of Arts, and even remove them from walls and examine the backs.
City-owned art has been valued at $450 million to $870 million, but some Wall Street creditors say that’s way too low.