Bankruptcy
“Painter of Light” Goes Bust
When I came across the work of the painter Thomas Kinkade, almost a decade ago, I was fascinated and appalled. As you know if you listen to the show, I’m really not a snob — I loved The Hangover, for instance, and don’t really get opera. But the popularity of Kinkade’s ultra-treacly landscape paintings, produced […]
Detroit’s bankruptcy filing may imperil art museum collection
When Detroit filed for bankruptcy, it started a process to reduce its debt load. Often this involves surrendering assets to creditors. In the case of Detroit, perhaps the most valuable asset is the collection of the Detroit Institute of Arts. It will be up to the court to determine if creditors have rights to the pieces.
Stockton, Cal., to become the largest city to file for bankruptcy in America
The city of Stockton, Cal., is facing a $26 million budget deficit amid rising crime and foreclosure rates. Unable to reach an agreement with its creditors, the city has voted to file for bankruptcy, in what will be the largest city bankruptcy filing in U.S. history.
Detroit Bankruptcy Puts Pensions on the Chopping Block
Detroit pensions may now be on the chopping block. Money that was supposed to materialize disappeared into thin air–in the lead up to Detroit’s filing for bankruptcy last week, a big hole was revealed in the city’s pension fund. Kevyn Orr, the city’s emergency manager, found $3.5 billion in liabilities in the pension budget. Prior […]
On the Brink of Insolvency: A Roadmap to Turning a City Around
Detroit, a city that was once the fifth largest in America, might be hitting a breaking point: City and state officials say it may be on the brink of insolvency. If the city files for bankruptcy it would be the largest municipal bankruptcy in US history with a rated debt price-tag of $8.2 billion. In […]