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Partner Craig Barbarosh Quoted in Detroit Free Press Regarding Joint Art Evaluation by Detroit and DIA

Firm News | June 16, 2014

Craig Barbarosh, a partner in the Insolvency and Restructuring practice, spoke with the Detroit Free Press on the joint hiring of a New York art investment firm by the city of Detroit and the Detroit Institute of Arts (DIA). The bankrupt city and some of its largest creditors have been at odds over the value of DIA art and whether it should be sold to satisfy debt. Craig said that Detroit and the DIA joining forces to pursue a new, broader evaluation of the art suggests two strategies: "Number one, city lawyers want to show alignment between the city and the art museum. Number two, they want to make sure they have a strong case to demonstrate not just what they believe the value of the collection is, but what they believe is the best option for it, and to be able to respond to claims by third parties that they should do something else—like sell it or monetize it in ways that might not be in the best interests of the community." Craig added that the creditors will presumably have their own experts testify as to the value of the art and that the judge will weigh the relative merits. ("Detroit, DIA, in Preparation for Court Battle, Hire Art Advising Firm," June 13, 2014)

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