Archive for Detroit Bankruptcy
Ballots Going Out To Retirees
Detroit to mail ballots to 170,000 creditors to vote on bankruptcy plan Link to Article: http://www.freep.com/apps/pbcs.dll/article?AID=2014302280138 The City of Detroit will be mailing out voting packages to about 170,000 individual creditors eligible to vote whether to accept the plan of adjustment designed to restructure the city’s debt. A 197-page document was…
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Bankruptcy Reflects a History of Racism
Detroit’s Bankruptcy Reflects a History of Racism Link to Article: http://www.epi.org/blog/detroits-bankruptcy-reflects-history-racism/ Posted February 25, 2014 at 2:29 pm by ROSS EISENBREY This is black history month. It is also the month that the Emergency Manager who took political power and control from the mostly African American residents of Detroit has presented his plan…
Jones Day Earns $17 Million in Detroit Bankruptcy So Far
View the full article here… The City of Detroit’s lead restructuring counsel has reaped 40 percent of the nearly $42 million in advisory fees paid out in the Chapter 9 case as of this week, according to a tally provided to The Am Law Daily by emergency manager Kevyn Orr’s…
The IRS Throws a Wrench Into Public Pension Reform
Financially troubled cities got some good news this week when a federal judge ruled that the pensions of Detroit’s employees could be cut in a bankruptcy proceeding. The leverage provided by Judge Steven Rhodes’s decision may help bring public unions elsewhere to the bargaining table, but cities face another obstacle…
Brief for Direct Appeal to 6th Circuit
REQUEST FOR CERTIFICATION Pursuant to 28 U.S.C. § 158(d)(2) and Fed. R. Bankr. P. 8001(f), the Michigan Council 25 of the American Federation of State, County & Municipal Employees, AFL-CIO and Sub-Chapter 98, City of Detroit Retirees (the AFSCME retiree chapter for City of Detroit retirees) (collectively, “AFSCME”),2 submits this request for…
NOTICE OF FILING OF FE MONTHLY INVOICE [AUGUST 2013]
NOTICE OF FILING OF FE MONTHLY INVOICE [AUGUST 2013] PLEASE TAKE NOTICE that, pursuant to paragraph 27 of the Court’s Fee ReviewOrder dated September 11, 2013 (Docket No. 810), Robert M. Fishman, the Court appointed fee examiner in the above-captioned case (“Fee Examiner”), caused to be filed the attached monthly invoice of…
Detroit Retirees Say Health Care cuts “Inhumane”
Detroit city retirees represented through the federally appointed Committee of Retirees in bankruptcy court are rejecting the recommended changes to health care benefits for their families under emergency financial manager Kevyn Orr. The group said the City of Detroit began mailing books to retirees on Oct 11, advising them that…
Protecting Detroit Pensions May Violate Bankruptcy Code – Judge
Oct 21 (Reuters) – The federal judge overseeing Detroit’s bankruptcy filing called the city’s pension funds “unsecured creditors” and stated that any special protections for them would violate federal bankruptcy law. The statement by U.S. Bankruptcy Judge Steven Rhodes, in an exchange with an attorney representing Detroit’s two pension funds,…
Buckfire: State, Jones Day firm discussed likely Detroit bankruptcy as early as March 2012
Nine months before Jones Day secured a contract with the city of Detroit, the law firm and attorneys for the state of Michigan were discussing filing bankruptcy for the struggling city. That’s according to the testimony Friday of investment banker Kenneth Buckfire, a witness for the city who testified that…
Bankruptcy not a topic in early talks with state, Detroit emergency manager says.
Top News Bankruptcy not a topic in early talks with state, Detroit emergency manager says Fri, Oct 25 19:15 PM EDT By Joseph Lichterman and Bernie Woodall DETROIT (Reuters) – Detroit Emergency Manager Kevyn Orr did not speak about filing for Chapter 9 municipal bankruptcy in his first meetings with…