Michigan legislative action thread
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 ...
I’m sure that’s right. And the ones who will be unquestionably screwed are the small unsecured creditors who will get nothing, whereas for the big pension funds, it’s just a matter of who pays.
I cannot see any possible way they win this. Bankruptcy laws exist under the power explicitly granted to Congress by the Constitution. If municipalities have a right to seek that protection (the statute clearly says they do), then stopping Detroit from filing will require some really creative lawyering and judging.
let me rephrase, Ohio tax payers better not have to foot the bill for failed Michigan/Pennsylvania policies.
We will.
Or... this is the beginning of the end of the United States.
I’m not saying we should, mind you.
The first major city going bankrupt is not the trumpet blast signaling the end of the economy, but
the first major city going bankrupt that doesn’t get bailed out, IS.
Will Detroit be forced to liquidate and sell off all it’s residents?
“Philadelphia, 5th Largest City in US is Effectively Bankrupt”
From what I understand Los Angeles is not in to good of shape either.
Don’t worry about that....the collapse of Cleveland
will come soon enough.
Only the steel mills on the south shore of Lake Michigan are keeping Gary out of bankruptcy. They may be mostly owned by foreign companies now, but they are still there making steel. Their property taxes alone keep Gary afloat.
The only thing they need bailed out of is their union contracts.
The solidy middle class thing is a crock. Provo is a college town with a goodly percentage of their student population living below the poverty level in substandard housing. The biggest difference is in attitudes. People in Provo work to get themselves out of poverty. People in Detroit wait for the next government handout.
Just like the “stimulus” of ‘08,
Obama will direct any bailout to making sure that union employees keep their jobs and their pensions.
But GM is alive!
GM paid us back, don’t you know. (sarc) I’m sure the unions will pay us back, too.
I know people who actually believe GM paid off their loan to the U.S. There are way too many people in this country who believe everything they hear from the main stream media.
The liberal shining city on the hill going down the toilet?
Breaking News 4:16 PM ET Detroit Files for Bankruptcy
Drudge siren now.
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