Michigan legislative action thread
Posted on 09/02/2014 1:37:42 AM PDT by Olog-hai
Lawyers for Detroit will attempt to convince a federal judge at the city’s bankruptcy trial that its plans to wipe out billions of dollars in debt should be approved.
After some delays, the start of the trial Tuesday in U.S. District Court comes just over 13 months after Detroit became the largest U.S. city to file for bankruptcy.
Detroit expects to cut $12 billion in unsecured debt to about $5 billion, which is “more manageable,” according to Bill Nowling, a spokesman for emergency manager Kevyn Orr. …
(Excerpt) Read more at hosted.ap.org ...
How rosy and realistic are their budget projections?
Going to be much worse too.
If bond holders are tossed aside again, will any state or city in the future be able to raise money at less than exorbitant costs?
They knowingly invested in a crack addict of a city for years and shouldn’t expect a lot of return. They’ll get something but nobody will get what they want.
due diligence will be required to separate the sheep from the goats.
Rosy? Detroit Expected $55 Million in Property Tax Revenue; It Brought in $6.7 Million…
http://www.freerepublic.com/focus/f-bloggers/3197692/posts
Thanks for the ping, ‘creek. Yes, this will be interesting.
Talk about a lose-lose situation. IMO the only way this can work to is break up the city into separate towns and let local governments deal with it. Maybe the creditors will get 30% on the dollar...but not likely.
Thanks for posting. “lack of transparency”…”commitments from the state” “corporations” “foundations” …
There seems to be a pattern in these SOCIALIST SCHEMES.
T.E.A.
The smart law firm handling this should require a retainer.
I love Detroit. So does Dan Gilbert. Waiting impatiently to go home....
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