Skip to comments.Detroit preparing for bankruptcy filing as early as Friday: report
Posted on 07/18/2013 12:35:17 PM PDT by SeekAndFind
The city of Detroit is in final preparations to file for federal bankruptcy as early as Friday morning, the Detroit Free Press reported on Thursday, citing several unnamed sources.
The filing would begin a 30-to-90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer, the newspaper reported on its website.
Bill Nowling, spokesman for the city's emergency manager Kevyn Orr, could not be reached immediately for comment on the Free Press report. A spokesman for Michigan Governor Rick Snyder, who appointed Orr earlier this year to oversee a restructuring of the cash-strapped city's finances, did not immediately reply to calls and emails seeking comment.
(Excerpt) Read more at reuters.com ...
In other news:
Detroit Pension Funds Sue to Block City Bankruptcy Filing
All caused by a life time of DemeRAT rule.
Liberal utopia on full display.
Now they'll be priced according to the Gangsta Index
Boy it is a sticky wicket. The Unions are claiming 10 admendment up the ying yang as State law denotes the State may have to pick up the Pensions, yet does this precident still exist if they go the Bankruptcy Route. Some legal eagles here in MI have pontificated these circumstances could fast track all these suits up to higher Courts....
The last I heard from Suze Orman (about a year ago) she was still pushing muni bonds.
Only cities of some size have muni bonds and who runs almost all cities of some size?
It’s those creepy ass crackers fault!
OK. Move along people. Nothing to see here.
Philadelphia might be next.
Philadelphia, 5th Largest City in US is Effectively Bankrupt; Mayor Holds Closed Meeting With Wall Street to Discuss Asset Sales
the DEMONRATS ruined a once thriving city. Let it RIP!
And screw the unions...........
Step 1: anyone who rules(intentional use of the word) in city council currently or in the past is terminated and can never be eligible ever again.
Step 2: anyone on current or past city payroll is terminated and can never work for the city ever again.
Step 3: anyone contracting with the city, serving in any capacity, is terminated and can never contract with the city again.
Step 4: any building, home or structure that is not currently occupied and/or actively getting water, gas, sewer, or electrical services for more than 12 months will be removed with a D12 Cat.
Step 5: curfew is sundown to sunup for all people under the age of 30. Violators will have their EBT cards reduced by 10% per violation.
” new nationwide study released by the nonpartisan Bay Area Center for Voting Research (BACVR) ranks the political leanings of every American city and finds that Detroit, Michigan is the most liberal and Provo, Utah the most conservative.”
“Detroit, MI, and Provo, UT, epitomize Americas political, economic and racial polarization, says Peter Thai, a BACVR researcher. As the most conservative city in America, Provo is overwhelmingly white and solidly middle class. This is in stark contrast to Detroit, which is impoverished, black and the most liberal.
Gary, Indiana, a rust belt former steel town, comes in as Americas second most liberal city, followed by Berkeley, California, which ranks third. Washington, D.C. comes in as the fourth most liberal and Oakland, California comes in fifth.”
Another triumph of liberalism!
I like step 5... I’ve heard stories about night life in Detroit being something like “I am Legend”.
Taxpayers better not have to foot this bill.
I’m convinced the plan was that they were all going to get Federal bailouts in a second Obama term.
He thought he would have rolled the Pubbies on the sequester and have an open checkbook by now. But since he SCROOOOOOD the pooch on that they are now up the creek.
I’m sure that’s right. And the ones who will be unquestionably screwed are the small unsecured creditors who will get nothing, whereas for the big pension funds, it’s just a matter of who pays.
I cannot see any possible way they win this. Bankruptcy laws exist under the power explicitly granted to Congress by the Constitution. If municipalities have a right to seek that protection (the statute clearly says they do), then stopping Detroit from filing will require some really creative lawyering and judging.
let me rephrase, Ohio tax payers better not have to foot the bill for failed Michigan/Pennsylvania policies.
Or... this is the beginning of the end of the United States.
I’m not saying we should, mind you.
The first major city going bankrupt is not the trumpet blast signaling the end of the economy, but
the first major city going bankrupt that doesn’t get bailed out, IS.
Will Detroit be forced to liquidate and sell off all it’s residents?
“Philadelphia, 5th Largest City in US is Effectively Bankrupt”
From what I understand Los Angeles is not in to good of shape either.
Don’t worry about that....the collapse of Cleveland
will come soon enough.
Only the steel mills on the south shore of Lake Michigan are keeping Gary out of bankruptcy. They may be mostly owned by foreign companies now, but they are still there making steel. Their property taxes alone keep Gary afloat.
The only thing they need bailed out of is their union contracts.
The solidy middle class thing is a crock. Provo is a college town with a goodly percentage of their student population living below the poverty level in substandard housing. The biggest difference is in attitudes. People in Provo work to get themselves out of poverty. People in Detroit wait for the next government handout.
Just like the “stimulus” of ‘08,
Obama will direct any bailout to making sure that union employees keep their jobs and their pensions.
But GM is alive!
GM paid us back, don’t you know. (sarc) I’m sure the unions will pay us back, too.
I know people who actually believe GM paid off their loan to the U.S. There are way too many people in this country who believe everything they hear from the main stream media.
The liberal shining city on the hill going down the toilet?
Breaking News 4:16 PM ET Detroit Files for Bankruptcy
Drudge siren now.
RE: Breaking News 4:16 PM ET Detroit Files for Bankruptcy
Didn’t even wait another day...
Income per capita: Provo, UT $16,781, Detroit, MI $15,868.
Income per household: Provo, UT $26,154, Detroit, MI $26,154.
Go to the site for more detail on income distribution and the like. The bottom line is that both cities have nearly identical amounts of poverty and low income distribution.
But one of them is a hellhole and the other is a fairly pleasant place to live. Why do you suppose that is?
well done to years of Democrat corruption and misappropriation along with union chokeholding and all helped by a useless idiot in the WH.
Congratulations Obama on another record....biggest collapse in history of a US city.
Maybe the hurried filing moots any pending pension fund litigation.
call it what it is, a bailout for democrats paid for by republicans.
They can always rejuvenate the New Detroit economy by rolling out the 6000SUX. . .
“I’ll buy that for a dollar.”
I keep wishing they'd come out with a real-life version of "Nukem".
LOL there have been a few video games that gave me the same thought, I’m actually surprised they don’t have one yet!