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Old 07-16-2013, 05:56 PM
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Mary Pat Campbell
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 93,714
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Is Detroit Headed For Bankruptcy?
July 15, 2013 7:33 AM

Oh wait, there's more?

DETROIT (WWJ) – It’s expected to be a huge week in Detroit, as we expect to find out whether the city will file for bankruptcy.

In the meantime, the state Attorney General’s Office has until today to respond to one lawsuit filed last week. It seeks to block Governor Rick Snyder from giving Detroit’s Emergency Manager Kevyn Orr authorization to seek Chapter 9 bankruptcy. Many believe that’s where Detroit is headed, including community activist Helen Moore.

“It looks like it’s already bankruptcy the way they’re talking and the way they’re trying to get everybody to take a little portion of the money that’s owed. But really they’re not looking at the facts. The facts are that these people put us in the situation we’re in. They won’t give us our money back from the state,” says Moore.

One consultant believes Detroit could still pull out a miracle and create a historic debt restructuring that keeps the city out of bankruptcy; another city official notably said the federal government should bail out the city, though the president has made no indication that’s a possibility. Meanwhile, the Detroit school district got a new emergency financial manager Monday after losing more than 100,000 students and millions of dollars in per-pupil funding since 2000.

It's STUMP - meep on public finance, pensions, mortality, and more

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