Donor offers $5M to help protect DIA art - New York News

Donor offers $5M to help protect DIA art

Posted: Updated:
(WJBK) -

A former Detroit university professor is pledging $5 million and hoping to spark a wildfire of private financial support to protect valuable art from being sold to pay creditors in the city's bankruptcy.
 
A. Paul Schaap said he wants to help the Detroit Institute of Arts as well as retirees whose pensions could be cut as part of the city's plan to eventually exit Chapter 9 bankruptcy. Art purchased over the years with city money could be pursued as assets that should be sold to pay off a portion of $18 billion in long-term debt.

Fox 2's Alexis Wiley met with Schaap shortly after his meeting with Judge Rosen. He's the judge who is overseeing mediation as Detroit goes through bankruptcy.

Schapp says when it comes to the DIA Rosen calls this his grand solution. The idea is to raise $500 million that would go to support the pensioners and the people directly affected by bankruptcy.

In an exchange the DIA would become an independent institution, no longer subject to the financial problems of the city of Detroit. Schapp says he believes that philanthropists like himself will step up, but also average people like you and me who want to save the art and the many people here in Detroit.

"Carol and I are hopeful that what we are proposing to do will stimulate others in the metro area, maybe state statewide, to contribute and also to stimulate the major foundations that I know the judge is in contact with," Schapp says. Carol is his wife.

VIDEO: Click on the video player above to hear more from Schapp in Wiley's report

Detroit emergency manager Kevyn Orr hasn't said whether he will sell art as part of any bankruptcy reorganization plan. New York auction house Christie's said art purchased with city money is worth $450 million to $870 million. It's just 5 percent of all art at the Detroit Institute of Arts.

The Community Foundation for Southeast Michigan has set up a fund in which you can contribute in efforts to save the pensions and the arts.

LINK: www.cfsem.org
 
-The Associated Press contributed to this report

  • Local NewsLocal NewsMore>>

  • Trench collapse traps workers

    Trench collapse traps workers

    Thursday, July 31 2014 2:56 PM EDT2014-07-31 18:56:22 GMT
    Two construction workers were rescued from a collapsed trench outside a home in Rye, N.Y. on Thursday.  Firefighters from across Westchester County responded to the scene at 15 Bradford Ave. at about noon.
    Two construction workers were rescued from a collapsed trench outside a home in Rye, N.Y. on Thursday.  Firefighters from across Westchester County responded to the scene at 15 Bradford Ave. at about noon.
  • 5 annoying things about the New York City subway

    5 annoying things about the New York City subway

    Thursday, July 31 2014 2:55 PM EDT2014-07-31 18:55:21 GMT
    Subway problems are annoying, but it’s just a part of living in New York City. Public transportation isn’t glamorous. It’s a pain. It’s a convenience that can cause an inconvenience. Here is a list of five annoying things about the subway system.
    Subway problems are annoying, but it’s just a part of living in New York City. Public transportation isn’t glamorous. It’s a pain. It’s a convenience that can cause an inconvenience. Here is a list of five annoying things about the subway system.
  • Woman plunges to death over cliff in Catskills

    Woman plunges to death over cliff in Catskills

    Thursday, July 31 2014 2:42 PM EDT2014-07-31 18:42:28 GMT
    Authorities say a 23-year-old woman trying to take a picture by the edge of a cliff in the Catskill Mountains died after falling more than 150 feet.
    Authorities say a 23-year-old woman trying to take a picture by the edge of a cliff in the Catskill Mountains died after falling more than 150 feet.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices