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APR 09, 2014 - Yahoo! News

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Detroit's emergency manager rebuffs new art sale proposal

Detroit's emergency manager Kevyn Orr showed little enthusiasm on Wednesday for a new proposal from a bond insurer to sell or securitize the insolvent city's world-class art collection. The collection, housed at the Detroit Institute of Arts, has been in question since Detroit filed for an $18 billion municipal bankruptcy last July, the largest in U.S. history. But bond insurer FGIC Corp, which insurers $1.1 billion of the city's pension debt, said on Wednesday it had received proposals from "credible third parties" for acquiring or monetizing the collection that ... Read More

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