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  • High Stakes in Looming Detroit Legal Battle

    06/17/2013 2:38:22 PM PDT · by JerseyanExile · 25 replies
    The American Interest ^ | Walter Russell Mead | Walter Russell Mead
    In Detroit, bankruptcy lawyer turned city manager Kevyn Orr is playing hardball while preparing the city for a likely Chapter 9 bankruptcy. He’d like the various stakeholders to negotiate a “pre-packaged” bankruptcy in order to avoid a drawn-out and extremely costly legal battle, but reaching agreement could be incredibly tough, as Reuters points out: [G]etting everyone on board for a pre-packaged plan is easier said than done, said Douglas Bernstein, a bankruptcy attorney at Plunkett Cooney in the Detroit area.“When it comes to a pre-packaged plan, the big question is whether he (Orr) would have enough acceptance going into court,”...