Monday, February 24, 2014

Is Detroit desperate and stupid enough to sell off it's city's museums assets to get 0.0008% out of debt?

Detroit is 15 billion in debt, and selling the cars in the city museum will get maybe 25 million. If there are 999 million in a billion, plus one... times 15, then selling 25 million dollars of cars leaves them with 14,975 billion in trouble still. So... not even useful part of a solution.

An exquisite collection of 62 classic cars donated to the city symbol of the auto industry are at risk of being sold to pay the debt of Detroit. Maintained by the municipality, the cars carry an important chapter in the history of the automobile industry.

Together, the vehicles are valued at about $ 12 million, .. Most cars are carefully stored in plastic covers permanently inflated by a cooling system in a warehouse. Others are on display at the Detroit Historical Museum or lent to exhibitions in other American cities.

Given the extent of the indebtedness of the city, due to the crisis that began in 2008 and deeply shook the local economy, officials discuss the possibility of offering for sale part of the cultural heritage of the city, such as paintings of Van Gogh and Matisse museums that are in the city.

Residents are angry about the possibility of losing what they consider the heart and soul of the city - including a Cadillac Osceola manufactured in 1905 and a Ford Mustang valued at more than $ 2 million (U.S. $ 4.3 million).

"Cars represent for us the expression of thousands of people who work hard to produce the industry's history in America," said Jerry Herron, city historian and dean of the Irvin D. Reid Honors College at Wayne State University. "It would be very sad for Detroit and America if the city of Detroit ends up in a bankruptcy court - and nobody knows if it will happen, or exactly what was coming next - the assets of the city of all types can be offered for sale to satisfy creditors, who will try to recover some of the lost money from city bonds and other long-term liabilities."

Found on,detroit-estuda-pagar-divida-com-valiosa-colecao-de-carros-antigos,157639,0.htm