BILL: You pawned a Hattori Hanzo sword?
BILL: It was priceless.
BUDD: Not in El Paso it ain't. In El Paso I got me 250 Dollars for it.
Orr, who is trying to restructure the city’s $11.5 billion of unsecured debt and speed up the biggest municipal bankruptcy case in U.S. history, said the auction house will also advise the city on “non-sale alternatives” for realizing value from the collection.
That could mean the city wants to borrow money while using the highly valuable Van Goghs and Matisses as collateral, Southfield-based bankruptcy attorney Michael Leib said.
Here’s the thing about Detroit. DIA is in a unique situation where a substantial amount of the art in the museum was bought by the city itself, not donated as gifts. To date, there’s no indication that the appraisal work being done goes beyond those works bought by the city and not a donation.
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