The Museum of Modern Art has officially filed its $1.6 million plan to demolish the former home of the American Folk Art Museum to expand its midtown campus.  The announcement comes almost a year after the Museum announced its initial plans to raze the building, after purchasing the building in 2011 for $31.2 million. (more…)

Bond insurer Syncora, one of the creditors in Detroit’s bankruptcy case, has filed a massive subpoena against the Detroit Intitute of Arts, calling for a selection of documents including ownership records, documents regarding donations, and tax records, among other records.  The move is the latest in an increasingly fraught debate over whether credtiors will push DIA to sell off its works for Detroit’s debts. (more…)

The lawsuit by Daniel Loeb against Sotheby’s, filed over its attempts to prevent him from taking over 10% ownership in the company, has been fast-tracked by a Delaware judge.  “Here we have an uncommon rights plan that on its face discriminates between activist and passive investors,” says Vice Chancellor Donald Parsons, who presided over the telephone hearing. “It is sufficiently possible that the board is attempting to tilt the playing field for proxy contest in its favor and make for an unfair fight.” (more…)