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LA MOCA Postpones Decision on Rescue Deal

Posted by Mike Melia , December 19, 2008

The board of the Los Angeles Museum of Contemporary Art postponed an official decision on two competing proposals aimed to stabilize its financial situation. After meeting Thursday, the board released a statement saying: "The Executive Committee of the Board of Trustees is continuing to review the options presented to the full board today. MOCA anticipates making a further announcement as early as next week regarding the outcome of these discussions."

The Los Angeles Times reports the board is leaning toward accepting a $30 million donation from billionaire philanthropist Eli Broad that is contingent on the museum raising an additional $15 million from other sources. The Times, citing unnamed sources at the meeting, also reports that LA MOCA Director Jeremy Strick plans to resign.

Earlier in the week, the Los Angeles County Museum of Art proposed a merger with MOCA. On Thursday, Mayor Antonio Villaraigosa sent a letter to MOCA's board urging it to take 30 days to weigh its options and appoint a panel of "contemporary art experts" to review the situation.

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