Fox News has a poorly written and factually incorrect article that puts fear into Detroit City pensioners that Detroit’s bankruptcy will wipe their pensions down to 16 cents on the dollar. The article has its mistakes – it says the bankruptcy was ruled unconstitutional, which is misleading at best. The article does not state the […]
Michigan Governor Testifies in Detroit Bankruptcy
Michigan Governor Rick Snyder testified in the Detroit bankruptcy eligibility trial. DETROIT — Michigan’s governor knew he had the power to make Detroit’s bankruptcy filing contingent on protecting pensions but chose not to exercise that power. That’s one of the admissions Gov. Rick Snyder made in federal court Monday as lawyers grilled him on why […]
Emotions Run High as Detroit Bankruptcy Trial Proceeds
The Bankruptcy Court for the Eastern District of Michigan, Detroit Division, saw huge protests related to the City of Detroit’s bankruptcy filing. News has also come down that Governor Rick Snyder will now be testifying in the bankruptcy. This is historic for a sitting Governor to testify in a bankruptcy Trial. Southeast Michigan is in […]
Detroit Bankruptcy Eligibility Trial Begins
The U.S. Bankruptcy Court of the Eastern District of Michigan has started trial in the City of Detroit’s bankruptcy filing to determine bankruptcy eligibility for Detroit. The bankruptcy judge will hear testimony on Detroit’s insolvency and make a determination based on the evidence as to whether Detroit qualifies. USA Today has an interesting article discussing […]
Bankruptcy Judge States Special Protection for Detroit Pensions Would Violate Bankruptcy Law
In a recent exchange of the Bankruptcy Court for the Eastern District of Michigan, Judge Steven Rhodes stated that allowing Detroit Pensions special protections would violate the bankruptcy code. This statement shows Judge Rhodes’ main intent during the course of the Detroit bankruptcy filing – maintain the integrity of the bankruptcy code and follow it […]
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