Bankruptcy lawyers for the City of Detroit, the State of Michigan, and creditors of the city submitted a request that the Sixth circuit not proceed with appeals hearings regarding the Detroit bankruptcy. Bankruptcy lawyers for Detroit’s creditors filed appeals after the bankruptcy court ruled the city eligible to proceed through bankruptcy. After the retiree unions […]
Detroit Bankruptcy Awaiting Appeal Heard by Sixth Circuit Regarding Eligibility
The City of Detroit’s bankruptcy filing could be at risk. Almost a year after the Bankruptcy Court ruled that the city was eligible to proceed through bankruptcy, an appeal of that decision will be heard by the Sixth Circuit Court of Appeals. Bankruptcy lawyers for both sides likely filed their briefs months ago. The bankruptcy […]
Detroit Bankruptcy Taking Precautions Regarding Vote
The City of Detroit will take ballots from retirees who are affected by the city’s bankruptcy to determine whether or not the group agrees to the plan as proposed. The city’s bankruptcy lawyers are not taking any chances with the ballots, and have contracted for an outside party to tabulate the votes. Some bankruptcy claimants […]
Detroit Bankruptcy Faces Challenges from Insurance Company
Detroit’s bankruptcy lawyers are preparing for a fight in U.S. Bankruptcy Court. The insurance company for Detroit’s bond holders is seeking to stop the bankruptcy at all costs. It recently has tried to gain access to the more than 20,000 City of Detroit pensioners through a subpoena in attempts to sway their votes on the […]
Votes Coming Detroit’s Bankruptcy Plan Include Taking Portion of Savings Accounts
Detroit’s bankruptcy lawyers negotiated for a 4.5% reduction in pensions (not including fire and police) with no annual standard of living increase. In addition, some pensioners left their funds in a savings account with the City of Detroit where they received large interest and bonus payments. Detroit’s bankruptcy lawyers now argue that those interest and […]
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