A fight has emerged in bankruptcy court between the City of Detroit and an insurer over casino revenues. The insurer has claimed that its debt is secured against those revenues and that as a secured creditor, it should have the right to take possession of that collateral. The City, on the other hand, is seeking […]
Detroit Bankruptcy News: IU Experts Available to Discuss Art Issues in Bankruptcy
Indiana University professors have offered their take of the Detroit bankruptcy and potential sale of art work. All three professors referenced have art backgrounds, and do not offer a legal perspective, but do provide worthwhile thoughts regarding potential liquidation of assets. BLOOMINGTON, Ind. — When the city of Detroit filed for bankruptcy this year, the […]
Detroit Bankruptcy News: City Attorneys Request Stay of Proceedings Against 36th District Court
The attorneys for the City of Detroit have filed papers in the U.S. Bankruptcy Court for the Eastern District of Michigan seeking to stay any and all proceedings against 36th District Court. The attorneys seek to enforce the bankruptcy stay to apply to the 36th District Court as part of the entire City of Detroit […]
Electric Car Charger Manufacturer Files for Bankruptcy
Detroit, Michigan Auto Manufacturer General Motors just took a hit on its Chevy Volt. The manufacturer of charging stations for the car has filed for bankruptcy. Most of the debt accumulated were loans from the U.S. Department of Energy, totaling nearly $100 million in grants. This sounds a death knell for the contemporary electric car. […]
Detroit Bankruptcy News: Detroit Residents Voice Opinion on Bankruptcy
Detroit, Michigan – U.S. Bankruptcy Court Judge Steven Rhodes will soon have to make a decision on the City of Detroit’s eligibility to stay in Chapter 9 bankruptcy. He heard from City residents opposing the bankruptcy today. Reporters at the hearing noted that most objections came in one of two categories. The first opposed the […]
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