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Partner Craig Barbarosh Comments on Evaluation of Detroit Institute of Arts' Collection in Detroit Free Press

Firm News | May 29, 2014

Craig Barbarosh, a partner in the Insolvency and Restructuring practice, spoke with the Detroit Free Press regarding Detroit’s efforts to determine how much the entire Detroit Institute of Arts’ (DIA) collection is worth. While the emergency manager’s plan includes a mechanism to shield the art from sale, some of the bankrupt city’s creditors have been pushing for a full evaluation of the artwork—believed to be worth billions. Craig said the city likely wants to ensure that it’s in a position to make credible arguments about the valuation of the DIA collection at the restructuring plan confirmation trial in July, adding that city attorneys “apparently feel that they need further analysis to support their preliminary valuation in order to be in the best position possible to respond to challenges.” (“Bankruptcy Judge Scolds Duggan, Calls Any Plan to Fire Law Firm a ‘Bad Idea,’” May 28, 2014)