The Detroit Institute of Arts (DIA) has pledged to contribute $100 million towards a fund established by private foundations and the state of Michigan for the safeguarding of the DIA’s art collection and city pension funds. The goal of the fund is to reach a settlement with pensioners and avoid protracted litigation. As a key part of the proposed settlement, the DIA would acquire full title to the art and the building. However, even if pensioners agree to accept the proposed settlement in the amount of $820 million, the bankruptcy court must allow the pensioners to be paid ahead of other unsecured creditors.
