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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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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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To: Vigilanteman

Are you saying we should turn Detroit over to the Mormons?

Actually I’ve heard worse ideas.


51 posted on 07/18/2013 2:24:50 PM PDT by Buckeye McFrog
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To: Buckeye McFrog
My post #30 suggested turning it over to the ChiComs. We would get some debt write-off in return for the lease.

I fear the Mormons would be far too gentle given the therapy which Detroit needs. However, the city was in far better shape the last time a Mormon governor was running the state.

52 posted on 07/18/2013 2:31:06 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: SeekAndFind
Detroit Pension Funds Sue to Block City Bankruptcy Filing

They'll get something, but prolly not near what they feel they deserve. There ain't much blood left in this turnip.

Detroit... the Democrats' "shining city on a hill." They own it. No one else to blame.

53 posted on 07/18/2013 3:43:28 PM PDT by upchuck (To the faceless, jack-booted government bureaucrat who just scanned this post: SCREW YOU!)
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To: lurk

I call step #4.


54 posted on 07/18/2013 9:50:10 PM PDT by matt04
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To: Cowboy Bob

There’s probably not much of a market for them.


55 posted on 07/19/2013 5:54:49 AM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: SeekAndFind

Does that mean it goes on the auction block? Someone should buy it and use it as a training area for urban combat.


56 posted on 07/19/2013 7:23:42 AM PDT by Yorlik803 (better to die on your feet than live on your knees.)
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To: matt04

I’ve heard some of these properties are valued in the negative range because they are useless until more money is spent to clear them than the raw lot is worth.


57 posted on 07/19/2013 7:25:32 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter admits whom he's working for)
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