News has come out in the City of Detroit’s bankruptcy eligibility trial that the State of Michigan and Jones Day, Detroit’s bankruptcy lawyers, had planned the bankruptcy more than a year before filing. One witness said he knew as far back as March 2012 that Michigan was planning the Detroit bankruptcy. This is not shocking […]
Detroit Pensioners Fear Benefit Reduction Due to Bankruptcy
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 […]
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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