Orr: Combined value of DIA's most valuable art less than $2B, can't fix shortfalls
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The first phase, which involves valuing 496 pieces, shows the art is worth less than $2 billion, Orr said.
He said he will release those results in the coming days and face the expected challenges from skeptical creditors who want their own valuation.
“It will be much smaller than what people thought,” Orr said.
And not enough to fix what Orr claims is a $3.5 billion shortfall in the city’s pension funds. Pension officials, however, contend the shortfall is much less.
Earlier Tuesday, U.S. Bankruptcy Judge Steven Rhodes said selling DIA masterpieces does not make sense for an insolvent city and does not address long-term financial and structural problems.
“When the expenses of an enterprise exceeds its revenue, a one-time infusion of cash, whether from an asset sale or borrowing, only delays inevitable financial failure unless the enterprise reduces expenses or enhances income,” Rhodes said.
The judge’s comments were welcomed by officials in surrounding counties, whose residents pay taxes that support the DIA.
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