Oh, Snap. Orr says, "How about I give you dimes for dollars, and we can call it even?

[313WX]

I highly doubt many... IF any of these creditors will accept pennies/dimes on the dollar. If they don't end up negotiating a reasonable percentage with Orr then they'll most likely refuse to accept a deal and walk away empty handed. Mainly to get back at the city, in hopes of seeing Detroit file for bankruptcy, ruining Detroit's credit and then NEVER doing business with them again. This will be done out of spite.

But in Detroit's favor, at least the debts will be written off. It'll just be a matter of how the city builds from that point forward?

The creditors are going to lose either way.

Bt some of them, foolishly, may think they can get a couple Van Goghs in a BK court proceeding and only take a modest haircut versus having to take pennies on the dollar.

[coracle]

The creditors are going to lose either way.

Bt some of them, foolishly, may think they can get a couple Van Goghs in a BK court proceeding and only take a modest haircut versus having to take pennies on the dollar.

This might be the nucleus of an idea to have your cake and eat it. If large Investors like Banks would accept payment in objects of Art and then loan them back to the DIA as philanthrophists they could still carry the assets on their bottom line and might even get a tax write-off for their action which would be more than 10c on their dollar as well as earn goodwill.