Donor Offers $5M To Help Protect Detroit Art

CBS Detroit

DETROIT (WWJ/AP) – A former Detroit university professor is pledging $5 million, hoping it will spark a wildfire of private financial support to protect valuable art from being sold to pay creditors in the city’s bankruptcy.

A. Paul Schaap said he wants to help the Detroit Institute of Arts as well as retirees whose pensions could be cut as part of the city’s plan to eventually exit Chapter 9 bankruptcy. Art purchased over the years with city money could be pursued as assets that should be sold to pay off a portion of $18 billion in long-term debt.

Schaap and his wife Carol want to prevent that from happening.

“I believe there are more than just a few people in the metro Detroit area who would step up and see this as something we should all try to do to save the pensions and stabilize the DIA,” Schaap said in…

View original post 345 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s