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Detroit preparing for bankruptcy filing as early as Friday: report
Reuters ^ | 07/18/2013

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 ...


TOPICS: Business/Economy; Front Page News; Government; US: Michigan
KEYWORDS: bankruptcy; detroit; michigan; unions
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1 posted on 07/18/2013 12:35:17 PM PDT by SeekAndFind
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To: SeekAndFind

In other news:

http://www.bloomberg.com/news/2013-07-18/detroit-pension-funds-sue-to-block-city-bankruptcy-filing.html

Detroit Pension Funds Sue to Block City Bankruptcy Filing


2 posted on 07/18/2013 12:35:53 PM PDT by SeekAndFind
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To: SeekAndFind

All caused by a life time of DemeRAT rule.


3 posted on 07/18/2013 12:38:03 PM PDT by SandRat (Duty - Honor - Country! What else needs said?)
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To: SeekAndFind

Liberal utopia on full display.


4 posted on 07/18/2013 12:40:25 PM PDT by CSM (Keeper of the Dave Ramsey Ping list. FReepmail me if you want your beeber stuned.)
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To: cripplecreek

MI ping.


5 posted on 07/18/2013 12:42:24 PM PDT by Squawk 8888 (I'd give up chocolate but I'm no quitter)
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To: SeekAndFind
So much for the muni bond market

Now they'll be priced according to the Gangsta Index

6 posted on 07/18/2013 12:42:49 PM PDT by Regulator
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To: SeekAndFind; cripplecreek

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....


7 posted on 07/18/2013 12:43:01 PM PDT by taildragger (The E-GOP won't know what hit them, The Party of Reagan is almost here, hang tight folks.....)
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To: SeekAndFind
I am a fortunate recipient of a private pension but fortunately for me my former employer's pension plan is in great shape, those monthly checks have come like clock work for 14 years now. Of course my former employer is not the city of Detroit either.
8 posted on 07/18/2013 12:43:28 PM PDT by Graybeard58 (_.. ._. .. _. _._ __ ___ ._. . ___ ..._ ._ ._.. _ .. _. .)
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To: SeekAndFind; All
Potential solution to their health care woes for the retiree's...

http://www.freerepublic.com/focus/news/3044257/posts

9 posted on 07/18/2013 12:44:02 PM PDT by taildragger (The E-GOP won't know what hit them, The Party of Reagan is almost here, hang tight folks.....)
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To: SeekAndFind

10 posted on 07/18/2013 12:45:16 PM PDT by dfwgator
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To: Regulator
So much for the muni bond market

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?

11 posted on 07/18/2013 12:45:55 PM PDT by Graybeard58 (_.. ._. .. _. _._ __ ___ ._. . ___ ..._ ._ ._.. _ .. _. .)
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To: SeekAndFind

It’s those creepy ass crackers fault!


12 posted on 07/18/2013 12:46:09 PM PDT by SonnyBubba
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To: SeekAndFind
US cities going bankrupt. Never happened before but the Economy is doing fine.

OK. Move along people. Nothing to see here.

13 posted on 07/18/2013 12:46:20 PM PDT by RC one
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To: RC one

Philadelphia might be next.

See here:

http://globaleconomicanalysis.blogspot.com/2013/04/philadelphia-5th-largest-city-in-us-is.html

Philadelphia, 5th Largest City in US is Effectively Bankrupt; Mayor Holds Closed Meeting With Wall Street to Discuss Asset Sales


14 posted on 07/18/2013 12:48:13 PM PDT by SeekAndFind
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To: SeekAndFind

the DEMONRATS ruined a once thriving city. Let it RIP!

And screw the unions...........


15 posted on 07/18/2013 12:48:27 PM PDT by ThomasMore (Islam is the Whore of Babylon!)
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To: SeekAndFind

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.


16 posted on 07/18/2013 12:50:12 PM PDT by lurk
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To: SeekAndFind

” 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.”

MUNICIPAL BANKRUPTCY.....
Another triumph of liberalism!


17 posted on 07/18/2013 12:52:28 PM PDT by tcrlaf (Well, it is what the Sheeple voted for....)
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To: lurk

I like step 5... I’ve heard stories about night life in Detroit being something like “I am Legend”.


18 posted on 07/18/2013 12:53:00 PM PDT by DonaldC (A nation cannot stand in the absence of religious principle.)
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To: SeekAndFind

Taxpayers better not have to foot this bill.


19 posted on 07/18/2013 12:53:21 PM PDT by RC one
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To: SeekAndFind

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.


20 posted on 07/18/2013 12:54:35 PM PDT by Buckeye McFrog
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To: RC one
Taxpayers better not have to foot this bill.

Who do you think is gonna foot it? Aliens?


21 posted on 07/18/2013 12:56:01 PM PDT by Buckeye McFrog
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To: taildragger

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.


22 posted on 07/18/2013 12:58:10 PM PDT by bigbob
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To: taildragger

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.


23 posted on 07/18/2013 12:58:48 PM PDT by cdcdawg (Be seeing you...)
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To: Buckeye McFrog

let me rephrase, Ohio tax payers better not have to foot the bill for failed Michigan/Pennsylvania policies.


24 posted on 07/18/2013 1:00:54 PM PDT by RC one
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To: RC one

We will.

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.


25 posted on 07/18/2013 1:01:33 PM PDT by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: SeekAndFind

Will Detroit be forced to liquidate and sell off all it’s residents?


26 posted on 07/18/2013 1:02:49 PM PDT by Cowboy Bob (Democrats: Robbing Peter to buy Paul's vote.)
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To: SeekAndFind

“Philadelphia, 5th Largest City in US is Effectively Bankrupt”

From what I understand Los Angeles is not in to good of shape either.


27 posted on 07/18/2013 1:05:08 PM PDT by Parley Baer
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To: RC one

Don’t worry about that....the collapse of Cleveland
will come soon enough.


28 posted on 07/18/2013 1:06:09 PM PDT by Buckeye McFrog
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To: Springman; cyclotic; netmilsmom; RatsDawg; PGalt; FreedomHammer; queenkathy; madison10; ...
Detroit bankruptcy.

Image Hosted by ImageShack.us

Michigan legislative action thread
29 posted on 07/18/2013 1:10:41 PM PDT by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: CSM
Cure for Detroit:

  1. Lease it to the ChiComs for 50 years as a Special Administrative Region like Hong Kong.
  2. Residents of the S.A.R. vote only in local elections for the duration, not in state or national elections.
  3. Reduce Michigan's representation in the House accordingly and award it to the next state in line under the formula.
  4. They may apply for reinstatement at the end of the lease.
  5. Rinse and repeat for any other cities needing to file for bankruptcy.

30 posted on 07/18/2013 1:12:19 PM PDT by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: tcrlaf

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.


31 posted on 07/18/2013 1:14:54 PM PDT by henkster (The 0bama regime isn't a train wreck, it's a B 17 raid on the rail yard.)
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To: MrB

The only thing they need bailed out of is their union contracts.


32 posted on 07/18/2013 1:15:04 PM PDT by RC one
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To: tcrlaf
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.

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.

33 posted on 07/18/2013 1:16:42 PM PDT by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: RC one

Just like the “stimulus” of ‘08,

Obama will direct any bailout to making sure that union employees keep their jobs and their pensions.


34 posted on 07/18/2013 1:17:32 PM PDT by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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To: RC one

But GM is alive!


35 posted on 07/18/2013 1:20:01 PM PDT by VerySadAmerican (If you vote for evil because you can't see evil, you ARE evil!)
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To: Parley Baer
From what I understand Los Angeles is not in to good of shape either.

City of Los Angeles Bankruptcy May be Coming

36 posted on 07/18/2013 1:20:03 PM PDT by SeekAndFind
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To: MrB

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.


37 posted on 07/18/2013 1:24:32 PM PDT by VerySadAmerican (If you vote for evil because you can't see evil, you ARE evil!)
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To: SeekAndFind

The liberal shining city on the hill going down the toilet?


38 posted on 07/18/2013 1:26:48 PM PDT by ronnie raygun (Yesterdays conspiracies are todays truths)
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To: SeekAndFind
On NYT now . . .

Breaking News 4:16 PM ET Detroit Files for Bankruptcy

39 posted on 07/18/2013 1:26:50 PM PDT by Sgt_Schultze (A half-truth is a complete lie)
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To: Sgt_Schultze

Drudge siren now.


40 posted on 07/18/2013 1:28:29 PM PDT by Windcatcher (Obama is a COMMUNIST and the MSM is his armband-wearing propaganda machine.)
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To: Sgt_Schultze

RE: Breaking News 4:16 PM ET Detroit Files for Bankruptcy

Didn’t even wait another day...


41 posted on 07/18/2013 1:28:36 PM PDT by SeekAndFind
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To: Windcatcher
RE: Drudge siren now.

DETROIT GOES BROKE
42 posted on 07/18/2013 1:29:45 PM PDT by SeekAndFind
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Another interesting statistic from this site:

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?

43 posted on 07/18/2013 1:30:03 PM PDT by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: Vigilanteman

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.


44 posted on 07/18/2013 1:38:09 PM PDT by sunmars
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To: SeekAndFind

Maybe the hurried filing moots any pending pension fund litigation.


45 posted on 07/18/2013 1:39:09 PM PDT by Sgt_Schultze (A half-truth is a complete lie)
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To: MrB

call it what it is, a bailout for democrats paid for by republicans.


46 posted on 07/18/2013 1:39:18 PM PDT by RC one
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To: dfwgator

They can always rejuvenate the New Detroit economy by rolling out the 6000SUX. . .


47 posted on 07/18/2013 2:19:13 PM PDT by Fedora
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To: Fedora

“I’ll buy that for a dollar.”


48 posted on 07/18/2013 2:20:39 PM PDT by dfwgator
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To: Fedora

I keep wishing they'd come out with a real-life version of "Nukem".

49 posted on 07/18/2013 2:22:45 PM PDT by dfwgator
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To: dfwgator

LOL there have been a few video games that gave me the same thought, I’m actually surprised they don’t have one yet!


50 posted on 07/18/2013 2:24:34 PM PDT by Fedora
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