I heard that a big announcement was in the works for today. This just came in from my Crain's alert. It is under the rumored $500 million 'ransom note' discussed elsewhere on this forum, so maybe this is an opening bid?
A group of local and national foundations have committed more than $330 million to help Detroit resolve two daunting challenges in the city's bankruptcy case: a solution to underfunded pensions and the preservation of the Detroit Institute of Arts' collection.

The presidents of the Community Foundation for Southeast Michigan, Kresge Foundation, the New York City-based Ford Foundation and the Miami-based John S. and James L. Knight Foundation are heading a leadership committee coordinating the effort, according to a statement issued on behalf of mediators in the Detroit bankruptcy case.

While details of the offer haven't been revealed, a court statement said DIA supporters are offering more than $330 million in assistance.
The foundation contributions and $33,000 donated so far to a fund at the Community Foundation will go directly to the pensioners and not fund a permanent endowment, foundation President Mariam Noland said.

Chief Judge Gerald Rosen of the U.S. District Court for the Eastern District of Michigan is mediator in the case, with assistance from attorney Eugene Driker and others.

The foundation support has leveraged additional commitments including a previously reported $5 million gift from A. Paul Schaap, a former chemistry professor whose work led to the founding of Southfield-based Lumigen, and 130 individual contributions to a subsequent fund set up at the Community Foundation. That's according to the statement made on behalf of mediators by Rod Hansen, media information officer for the U.S. District Court.

So far, contributions to the Community Foundation fund have come not only from around the state but also from Maine, Oregon, Illinois, Florida, Maryland and Scotland, Noland said. The amount raised is in addition to Schaap's gift.

The mediators said they continue their work to facilitate agreements among as many of Detroit's creditor constituencies as possible and are "deeply grateful for the incredibly generous and constructive part the foundations have agreed to play in this larger process."

Read the rest of the article on Crain's here