April 9 Bond insurer FGIC Corp. on Wednesday
said it has received proposals from "credible third parties" for
acquiring or monetizing the Detroit Institute of Arts'
collection that would generate $1 billion to $2 billion for the
FGIC said estimated proceeds from the indications of
interest would generate revenue "significantly higher than the
currently proposed 'Grand Bargain'," referring to a proposal
that would raise roughly $815 million from the state, private
donors and several foundations to pay the city for the entire
The four proposals FGIC said it received range from an offer
to buy a small percentage of the DIA collection for between $896
million to $1.473 billion to using the collection as security
for a loan to the city of up to $2 billion, FGIC said.
(Reporting by Dan Burns; Editing by James Dalgleish)