By: Kristin M. Hall, Associated Press
NASHVILLE (TN).- A Nashville judge has ruled that Fisk University can sell a share of its Stieglitz art collection, but said the bulk of the proceeds must go to an endowment for the display of the artwork.
To fend off bankruptcy, the historically black university wanted to sell a 50 percent stake in the collection for $30 million to the Crystal Bridges Museum in Arkansas.
But the ruling issued Thursday by Chancellor Ellen Hobbs Lyle said Fisk could keep only $10 million for the university and the rest would go into an endowment to support the display of the artwork donated by the late painter Georgia O'Keeffe.
Lyle's ruling said her plan meets O'Keeffe's wishes to have the art in Nashville and provides support for the display even if Fisk closes.
Copyright 2010 The Associated Press.