Orr laying the groundwork for sale of DIA art

[sumas]

A couple of points:

Under no circumstances can a judge order the sale of assets in a Chapter 9. He can grant relief under the plan of adjustment, or deny relief if such relief is inequitable. Unless Orr proposes selling art, it can't be sold. Neither creditors nor the federal judge can order it.

Why, then, is Orr appraising the art? My guess is that he will be heading off the argument that the city is sitting on billions of dollars of assets without paying creditors. I would imagine the art would have to be appraised subject to any restrictions that exist--an owner can sell no more than it has. So if the piece of art is "on loan" or has a restricted use, then the valuation would be $0. Bankruptcy courts like having an expert provide them with indicators of value, not the parties.

I too thank you for valuable insight. Frankly I am not particularly concerned about the bankruptcy. We even have an area contingency plan if garbage doesn't get picked up. Police and EMS continue to be fine for serious issues. My concerns are and continue to be our recreation and cultural access especially for our kids.