Foundations to contribute $330M to help protect DIA collection, Detroit pensions

[majohnson]

So often, the newspapers and folks stated that the art as being in a 'public trust' and stated that as reason why ownership of the art assets could not be transferred during an auction sale, etc.
Why wouldn't the same hold true when the city transfers the ownership for $300M?

[BankruptcyGuy]

So often, the newspapers and folks stated that the art as being in a 'public trust' and stated that as reason why ownership of the art assets could not be transferred during an auction sale, etc.
Why wouldn't the same hold true when the city transfers the ownership for $300M?

It is my understanding that the City owns some art with restrictions on use, some is held in trust, and some is held without restrictions. Only the art held without restrictions is subject to sale or other disposition. If the DIA has $12B in art, that does not mean that all $12B is subject to sale. Bankrputcy courts cannot [[without a really good reason, like fraud) get rid of things like rights of reversion.