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.
MI ping.
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.
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
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.”
MUNICIPAL BANKRUPTCY.....
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.
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