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Partner Craig Barbarosh Quoted in Detroit Free Press on Evaluation of DIA Artwork

Firm News | November 22, 2013

Craig Barbarosh, a partner in the Insolvency and Restructuring practice, spoke with the Detroit Free Press on the impact of a pending Christie’s auction house evaluation of treasures at the Detroit Institute of Arts. The museum has been ordered by emergency city manager Kevyn Orr to monetize its collection so the bankrupt city can use the cash to strike a deal with creditors—a plan somewhat contingent on the Christie’s figure. Craig explains that creditors already facing huge losses are likely to increase their pressure on Orr for a better deal if the estimate comes in at a relatively high number: “They won’t want to leave money on the table.” (“Christie’s Price-Tagging of DIA Artwork for Bankruptcy Plan Delayed,” November 21, 2013)