Michigan legislative action thread
Posted on 12/09/2014 4:11:51 PM PST by Olog-hai
Kevyn Orr has agreed to step down as Detroit’s emergency manager, saying in a letter released Tuesday that the city will no longer be in a financial emergency once it exits bankruptcy.
Orr also told Gov. Rick Snyder in his letter, dated Monday, that he has implemented the city’s two-year budget that reflects the elimination of about $7 billion in debt through the largest municipal bankruptcy in U.S. history. […]
Orr—a turnaround expert who helped steer Chrysler through the automaker’s Chapter 11 bankruptcy—had been the official face of Detroit government since he was appointed in March 2013 by Snyder. …
(Excerpt) Read more at hosted.ap.org ...
pingy
I refuse to pay all my debts.
Woohoooo! I’m no longer in debt!
Brilliant...smh
Sort of the opposite of "spreading the wealth?"
Just in time for Kwame to get a new trial...nothing like a reminder of the good old days!
Even though I was 62 on my last birthday, with restructuring I will be 40 on my next.
Another disaster presided over by Democrat Government leadership.
I don’t believe it’s over.
What a crock, Pittsburgh has been under state control for a decade if not more now because its finances were screwed by democrats and their cronies, and its nowhere near the size of Detroit, but we are to believe Detroit is okay after just a year or two?
What a joke.... they’ll be right back in the courts inside of a decade once court forced oversight ends.
Nor do I.
Orr, a self-described “yellow dog Democrat”, has got too much “experience” in the Clinton-era bureaucracies (FDIC, RTC, DOJ) to be credible.
The City has a fresh start with a mayor I believe will deliver. Many hurdles for sure. Whenever I’m downtown I can’t help think that it’s coming back to the city my parents grew up in. How the downtown core renewal translates to the neighborhoods is a separate issue. Time will tell. I always think back to when we had the Super Bowl and all of the empty store fronts were converted into bars with porta johns in the back since more buildings had no running water. Now they are actual thriving businesses. Hard to believe if you aren’t from around here.
The funny thing is, the minute these municipalities get rid of their control board, they pick up right where they left off.
I think it will be a race to see whether Government Motors or Detroit returns to bankruptcy court first.
Those creepy-a$$ crackers sure know their math.
sure its over....they forced the bond holders to take about a penny on the dollar.....all is happy now....
This does not address the root cause of the problem. The political heirs of Coleman Young are still there and waiting to get going again
With the local scumbags back in charge of the city’s finances it’s only a matter of time before it’s in trouble again.
Bet the farm on it.
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