As creditors prepare to vote on a plan to end Detroit’s $18 billion bankruptcy, the city still needs help from state lawmakers to pay its obligations while avoiding a fire sale of its fine art collection.
Bernard Winograd, a retired Prudential Financial Inc. executive who earlier helped devise the initial public offering for luxury-mall developer Taubman Centers Inc. in 1992, a milestone in the growth of real estate investment trusts, has died. He was 63.
U.S. shares fell, following yesterday’s worst drop in a month, as financial and technology shares led losses. Emerging-market stocks climbed to a two-month high as Brazilian equities surged. Oil rose while gold slipped.
For 27 years, Detroit’s Heidelberg Project has stood as Tyree Guyton’s visual rebellion against blight, a two-square-block dreamscape of junk sculptures, polka dots on the pavement and vacant houses festooned with vinyl records and stuffed animals.