Bond insurer Syncora is seeking a massive amount of information from the Detroit Institute of Arts, Christie’s and the Michigan Attorney General as part of the Detroit bankruptcy case. The request includes the DIA’s membership information, documentation of how art was acquired, financial performance reports and tax records, appraisals, communications with the city about selling artwork and more. (The entire request is visible below.)
Next Chapter Detroit’s Sandra Svoboda discussed the subpoena with WDET’s Craig Fahle on his show today.
The company filed copies of the subpoenas in bankruptcy court that were to be served on the museum, the auction house, which appraised part of the collection, and the state’s top lawyer, who wrote an order last year stating the DIA’s collection was held in “charitable trust for the people of Michigan, and no piece in the collection may thus be sold, conveyed, or transferred to satisfy City debts or obligations.”
Spokespersons for all three entities declined comment to NextChapterDetroit.com. An attorney for Syncora did not return an email message. Syncora, according to the city, insures and partially holds about $620 million of the city’s $18 billion debt.
The Detroit Free Press reports that legal experts say the subpoena “is unlikely to make much headway in court.”
-By WDET’s Sandra Svoboda
@WDETSandra and email@example.com