[Wally_Kalbacken]

If you look at the documents that were signed by the emergency manager, they had to hand correct the date of the submission. So, they really were hustling this into existence.

One of the great things about bankruptcy is that it cuts like a guillotine, down to the minute and second the case is time stamped on filing.

I will be following this closely, watching to see how the Obama Administration injects itself, and looking for "non-bailout" bailouts accomplished by federal taxpayer subsidization (as in the case of GM and Chrysler.) These folks deserve a hard fall, and there is no reason why taxpayers in OK, AZ or GA or anywhere else should take up the slack.

[Oldexpat]

Sound like some county judge just froze the bankruptcy...or changes to retirement pay.

[redhead]

Now that this is a reality, who gets paid? Obviously, creditors and bondholders do not. But does the city’s obligation to the retirement funds continue, and will those payments still be made, or is this “account” wiped out along with everything else?

[SECURE AMERICA]

“I think everybody was surprised,” said Bill Wertheimer, an attorney for a group of current and retired Detroit city workers who filed a lawsuit early this month to try to block any bankruptcy.

WOW. I imagine this guy is a college graduate being a lawyer, yet he was surprised by the move of a BANKRUPT City to actually file for bankruptcy. How is that education working out for you fellow?

[CriticalJ]

Just curious. What happens if Detroit can’t declare bankruptcy and can’t pay its bills?

Just keep writing those checks

[Buckeye McFrog]

I’m picturing some sort of Racing Lawyers video game...

[JoeTheGeorgian]

This is like a ship sinking and the passengers trying to wrest the buckets out of the hands of those trying to bail water. Ridiculous.