Friday, December 07, 2012

Democrat utopia of Detroit to declare Chapter 9 bankruptcy.

Man, you have GOT to admire democrat government and management.  Look what's it's done for Detroit!
Home Opinion Columnists Daniel Howes
December 7, 2012 at 8:35 am
Daniel Howes
State laying groundwork for managed bankruptcy for Detroit
 Daniel Howes Comments 


Even as the state Treasury prepares to begin another financial review of Detroit's books, a plan is being solidified in the governor's office that would guide Michigan's largest city through what is being called a managed bankruptcy.
The working concept, still evolving, assumes that the state's financial review would find severe financial distress in Detroit, that Mayor Dave Bing and City Council would be unable to push through overdue restructuring, and that the process would culminate in appointment of an emergency financial manager under Public Act 72.
The case would be filed under Chapter 9 of the federal bankruptcy code, according to two ranking sources familiar with the situation, following efforts to reach prenegotiated settlements with as many key creditors — unions, vendors and pension funds among them — as possible before any filing.
"Clearly, we will always try to do that," one source familiar with the situation said in an interview Thursday. "You can move on a much more expedited basis if you can demonstrate that your cash is running out" — as Detroit clearly is with each passing week.
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3 comments:

Lew said...

I guess Obama is not coming through with the bacon after all?

Anonymous said...

They just need light rail to revitalize downtown.

Thanks
JK

Anonymous said...

Oh Jim Karlock. TOUCHE!

May I suggest that Detroit and Michigan gets what they deserve? At some point, someone has to face the reality and the music, whether you like or not. The locusts from that area have left and moved on to greener pastures. While the failed area is still there to come home to roost.
Now if they so choose to finally get off their butts and find a way to make things work? Then Detroit and the state might finally have a shot. Until then, the area and other areas just like it will falter. Reminds me of Flint as well... -- Jeremy