Detroit Institute of Arts pleased with bankruptcy plan - New York News

Detroit Institute of Arts pleased with bankruptcy plan

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  • Detroit files plan to fix debt, leave bankruptcy

    Detroit files plan to fix debt, leave bankruptcy

    Friday, February 21 2014 12:49 PM EST2014-02-21 17:49:57 GMT
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing for the first time a detailed look at what the Motor City would look like when it finally sheds its financial burdens.

DETROIT (AP) - A museum at the center of Detroit's bankruptcy case is praising a plan that would end the city's role in owning art.

The Detroit Institute of Arts says it would take control of thousands of pieces of art already at the museum but owned by Detroit. The DIA, as it is known, has pledged to raise $100 million for city pensions.

DIA Chairman Eugene Gargaro Jr. says it's a "historic day."

Art has been a controversial piece of the bankruptcy case because many creditors believe pieces could be sold to pay debts. Art has been valued at $450 million to $870 million.

Detroit's plan for the museum is part of a broader bankruptcy strategy released Friday. It must be approved by a judge.

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  • Caesars enters New York casino competition

    Caesars enters New York casino competition

    Tuesday, April 22 2014 10:52 PM EDT2014-04-23 02:52:22 GMT
    Caesars Entertainment entered the competition to open a casino in upstate New York on Tuesday with a proposal to build a $750 million complex 50 miles north of New York City. The complex would include a casino, a hotel and a meeting space and would be located in Woodbury, in Orange County. The Las Vegas-based Caesars, which operates 52 casinos around the world, has submitted a $1 million casino license application fee to state gambling regulators.
    Caesars Entertainment entered the competition to open a casino in upstate New York on Tuesday with a proposal to build a $750 million complex 50 miles north of New York City. The complex would include a casino, a hotel and a meeting space and would be located in Woodbury, in Orange County. The Las Vegas-based Caesars, which operates 52 casinos around the world, has submitted a $1 million casino license application fee to state gambling regulators.
  • Hoax 'swatting' call sends dozens of cops to LI home

    Hoax 'swatting' call sends dozens of cops to LI home

    Tuesday, April 22 2014 10:43 PM EDT2014-04-23 02:43:53 GMT
    Heavily armed police officers descended on a home in Long Beach, Long Island, Tuesday afternoon thinking they might find a grisly murder scene. Instead they found a terrified woman who had no clue what they were talking about and her teenaged son playing video games. "We received a phone call from a gentleman who stated he had just shot his mother and his brother," Long Beach Police Commissioner Michael Tangney said. "Unfortunately, this is a terrible national problem for law enforcement."
    Heavily armed police officers descended on a home in Long Beach, Long Island, Tuesday afternoon thinking they might find a grisly murder scene. Instead they found a terrified woman who had no clue what they were talking about and her teenaged son playing video games. "We received a phone call from a gentleman who stated he had just shot his mother and his brother," Long Beach Police Commissioner Michael Tangney said. "Unfortunately, this is a terrible national problem for law enforcement."
  • NYPD Twitter hashtag backfires

    NYPD Twitter hashtag backfires

    Tuesday, April 22 2014 9:14 PM EDT2014-04-23 01:14:35 GMT
    An NYPD plan intended to better connect with the community seems to have backfired a bit. The police department asked its twitter followers to share pictures of themselves with New York City police officers using the hashtag "myNYPD." Some did share nice pictures, but others not so much.Some of the first pictures posted showed regular citizens standing with very friendly looking police officers.
    An NYPD plan intended to better connect with the community seems to have backfired a bit. The police department asked its twitter followers to share pictures of themselves with New York City police officers using the hashtag "myNYPD." Some did share nice pictures, but others not so much.Some of the first pictures posted showed regular citizens standing with very friendly looking police officers.
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