Mich. County Threatens To Ax $10M Support If Detroit Sells Art
By Kathryn Brenzel
Law360, New York (August 14, 2013, 2:04 PM ET) -- A Michigan county may cut off its share of $23 million in funding to the Detroit Institute of Art if the bankrupt city decides to sell a portion of the museum's collection, warning the city as it eyes art value in it efforts to tackle $11.5 billion of debt.
Oakland County authorities have drawn a preemptive line for Detroit, threatening to withdraw museum funding if the city tries to use art as a means for alleviating debt, authorities said. The Oakland County Art Institute Authority takes...