- Posted January 24, 2014
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No role for Detroit creditors in considering sale of art
DETROIT (AP) -- A judge overseeing Detroit's bankruptcy has rejected a request from creditors who want a role in deciding what to do with the city's valuable art collection.
Federal Judge Steven Rhodes says he lacks authority to appoint a committee.
Creditors filed a request two months ago to have a say in the appraisal of art and any potential way to make money from it. Since then, foundations have pledged more than $300 million to prevent any sale and shore up Detroit pensions.
Separately, Gov. Rick Snyder has talked to state lawmakers about the state chipping in.
Christie's auction house has appraised about 2,800 pieces of art, saying they're worth $454 million to $867 million.
Rhodes says there will be opportunities later to argue over what to do with art, if anything.
Published: Fri, Jan 24, 2014
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