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Schuette endorses Detroit art deal in bankruptcy

Michigan AG Schuette signs off on deal to preserve art, help Detroit pensioners in bankruptcy
Posted on June 17, 2014 at 1:22 p.m.

DETROIT (AP) — Michigan Attorney General Bill Schuette has given his blessing to a deal that transfers control of art to the Detroit Institute of Arts.

The agreement is part of Detroit’s bankruptcy case. It removes any ownership stake from the city and puts the museum in the role of trustee.

The deal is part of a broad effort to prevent the sale of art in the bankruptcy and soften pension cuts to Detroit retirees. The museum, foundations and the state have pledged to come up with $816 million.

In a statement released Tuesday, Schuette says he’s required to review the agreement. He says he believes it’s illegal to sell art to satisfy creditors, although some creditors still are pushing back in bankruptcy court.




 FILE - In this March 14, 2014, file photo, Rosa Parks' Presidential Medal of Freedom, left, and her Congressional Gold Medal are displayed at Guernsey's auction house, in New York. Hundreds of items that belonged to civil rights icon Rosa Parks that have been sitting unseen for years in a New York warehouse have been sold to a foundation run by the son of billionaire investment guru Warren Buffett, the younger Buffett said Thursday, Aug. 28. Howard G. Buffett told The Associated Press that his foundation plans to give the items, which include Parks’ Presidential Medal of Freedom, to an institute he hasn’t yet selected. (AP Photo/Richard Drew, File)

Updated at 7:30 p.m.
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