Josh Linkner of Forbes has a new post regarding the lessons to take away from the City of Detroit’s bankruptcy filing. 1. Take painful action early, before problems get too big. As Ross Perot once explained, “If you see a snake, just kill it. Don’t appoint a committee on snakes.” Detroit’s negligence in dealing with […]

Stephen J. Lubben of The New York Times addresses the City of Detroit’s eligibility in a recent blog post. The long, painful process for Detroit’s bankruptcy is under way. Among the first questions to be answered is whether Detroit is even eligible to do so. Unlike corporations that file for Chapter 11 bankruptcy protection, municipalities […]

From USA Today, attorney Robert M. Fishman has been appointed by bankruptcy Judge Steven Rhodes to oversee attorney fee billing in the City of Detroit’s Chapter 9 bankruptcy filing. DETROIT — In a sign of how expensive bankruptcies are, even the person responsible for preventing excessive fees in Detroit’s Chapter 9 case will be well […]

The City of Detroit’s creditors filed objections to the City’s bankruptcy today as reported by the Detroit Free Press. Dozens of creditors, unions and retiree groups objected to Detroit’s eligibility to file for Chapter 9 bankruptcy, setting up a fierce legal battle today that will determine whether the city’s bankruptcy case can proceed. U.S. Bankruptcy […]