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To: C. Edmund Wright
I know it’s a question, but it is a question that begs a point. I think I know what it is.....just wondered what you would say.

Because I'm wondering if all creditors are feeling the pain equally or if the city retirees are bearing the bulk of the costs.

I'd also like to know if any of the former mayors and councilmembers who drove the city into the ground and who may also have city pensions are covered by the same plan as the rest of the city employees are. If not, then do they get 16 cents on the dollar as well?

34 posted on 10/28/2013 10:09:23 AM PDT by DoodleDawg
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To: DoodleDawg

That’s what I thought. Your inner liberal is showing. Your assumption that these retirees are innocent victims is just breathtaking. They are not victims...THEY ARE THE PROBLEM. They demaned these provisions, they voted for those who promised them - they are the ones who were so ignorant as to think these were realistic or sustainable.


36 posted on 10/28/2013 10:12:11 AM PDT by C. Edmund Wright (Tokyo Rove is more than a name, it's a GREAT WEBSITE)
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To: DoodleDawg
Buckfire, a Detroit native and investment banker with restructuring experience, later told the court the city plans to pay unsecured creditors, including the city’s pensioners, 16 cents on the dollar. There are about 23,500 city retirees.

This is at least a partial answer...although the city employees through their unions pretty much caused the problems so they should be the ones to bear most of the burden!!

37 posted on 10/28/2013 10:13:35 AM PDT by ontap
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To: DoodleDawg

“Because I’m wondering if all creditors are feeling the pain equally or if the city retirees are bearing the bulk of the costs.”

Bonds are sold with different risk levels. A secured creditor bond probably has to be paid in full. But Obama changed 200 years of law when he dictated that Chrysler’s secured bond holders would take only x% and he gave the rest to the unions, which had ZERO rights. Let’s say Chase Manhattan bought a secured bond for $100 million dollars plus 12% interest. I believe they are owed all of it so Detroit would have to sell assets to pay the amount. It has to be this way or the system of getting loans based on bonds collapses and the way cities are financed disappears.

The city workers are not secured creditors.


41 posted on 10/28/2013 10:39:28 AM PDT by Gen.Blather
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