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Offline txradioguy

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Detroit files for bankruptcy
« on: July 18, 2013, 03:44:46 PM »



Detroit—The city of Detroit filed the largest municipal bankruptcy case in U.S. history Thursday afternoon, culminating a decades-long slide that transformed the nation’s iconic industrial town into a model of urban decline crippled by population loss, a dwindling tax base and financial problems.

The 16-page petition was filed in U.S. Bankruptcy Court in Detroit.

Gov. Rick Snyder’s office was making plans this afternoon to hold a Friday morning news conference at the Maccabees Building, 5057 Woodward in Midtown, according to a source. It’s the same location where the governor declared a financial emergency for Detroit on March 1.

Under state law, Snyder is required to approve a Chapter 9 filing. As of Wednesday, Snyder said he had not received any such request from Detroit Emergency Manager Kevyn Orr. Sources close to the governor said the situation is fluid, adding that Snyder intends to study Orr’s recommendations and related documents “for a couple of days” before making his decision.

A bankruptcy filing would come as an Ingham County judge is preparing Monday to hear arguments from retirees to block any attempt by Snyder to authorize a bankruptcy. A filing would produce an automatic stay of all pending litigation and would cap a month of intense talks between Orr’s team and creditors, which largely have failed to restructure as much as $20 billion in debt and long-term liabilities.

News of an imminent filing prompted lawyers for the city’s pension funds to request an emergency hearing this afternoon in Ingham County Circuit Court to block a bankruptcy authorization.

Orr’s spokesman, Bill Nowling, could not be reached for comment. And state officials contacted by The News on Thursday declined to discuss the matter.

A Chapter 9 filing would leave the restructuring to Orr and a federal bankruptcy judge and could take years, experts say, despite hopes by the governor and Orr that the case can be wrapped up in a year. A bankruptcy judge could trump the state constitution by slashing retiree pensions, ripping up contracts and paying creditors roughly a dime on the dollar for unsecured claims worth $11.45 billion.

http://www.detroitnews.com/article/20130718/METRO01/307180103/Detroit-files-Chapter-9-bankruptcy?odyssey=mod|breaking|text|FRONTPAGE
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Offline thundley4

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Re: Detroit files for bankruptcy
« Reply #1 on: July 18, 2013, 03:49:34 PM »
Obama wants to do for the country what Dems have done to Detroit.
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Offline CG6468

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Re: Detroit files for bankruptcy
« Reply #2 on: July 18, 2013, 03:55:41 PM »
Quote from: thundley4 on July 18, 2013, 03:49:34 PM
bama wants to do for the country what Dems have done to Detroit.

That is so true that it hurts.
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Offline Aristotelian

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Re: Detroit files for bankruptcy
« Reply #3 on: July 18, 2013, 04:07:25 PM »
Leftist economics taken to their natural conclusion.
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Offline rich_t

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Re: Detroit files for bankruptcy
« Reply #4 on: July 18, 2013, 04:18:41 PM »
So much for that emergency manager they brought in a few months ago.
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Offline CG6468

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Re: Detroit files for bankruptcy
« Reply #5 on: July 18, 2013, 04:24:09 PM »
Quote from: rich_t on July 18, 2013, 04:18:41 PM
So much for that emergency manager they brought in a few months ago.

Cannot, must not, will not comment on that.
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Offline Gern

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Re: Detroit files for bankruptcy
« Reply #6 on: July 18, 2013, 04:40:29 PM »
So sad...

The direct result of unions run amok, greedy entitlement programs, racist affirmative action, and every other liberal wet dream.

A city bankrupt.

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Offline JohnnyReb

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Re: Detroit files for bankruptcy
« Reply #7 on: July 18, 2013, 04:51:08 PM »
FOR SALE
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Offline obumazombie

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Re: Detroit files for bankruptcy
« Reply #8 on: July 18, 2013, 04:53:28 PM »
This was all predicted in Robocop I and II. I thought the most far fetched prediction of the movie is that Detroit would go bankrupt. But with the mismanagement, corruption and liberal policies of lib/dem/socialists I really should have known better.
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Offline rustybayonet

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Re: Detroit files for bankruptcy
« Reply #9 on: July 18, 2013, 05:44:18 PM »
Surprise / Surprise

Since 1962 there have been 7 consecutive democratic mayor's;

1962-1970 Jerome Cavanagh
1970 - 1974 Roman Gribbs
1974 - 1994 Coleman Young *
1994 - 2001 Dennis Archer
2002 - 2008 Kwame Kilpatrick ** - went to prison
2008 - 2009 Kenneth Cockrel  - finished formers term
2009 - pre.  Dave Bing - former Det. Piston Basketball player

* my opinion, this 'street smart' mayor should be in prison also

Said it before - glad I moved from a northern suburb in 1985 - bad then and just kept getting worse.
« Last Edit: July 18, 2013, 05:49:15 PM by rustybayonet »
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Offline 98ZJUSMC

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Re: Detroit files for bankruptcy
« Reply #10 on: July 18, 2013, 06:10:33 PM »
Quote from: rich_t on July 18, 2013, 04:18:41 PM
So much for that emergency manager they brought in a few months ago.

He pretty much said from the get go that bankruptcy was looking like the only option and it only got worse once he delved into the financial specifics.  Without a complete Federal bailout, it is the only option.

Quote
Posted by: Aristotelian
Insert Quote
Leftist economics taken to their natural conclusion.

Absolutely, but when your ideology demands diminishing returns and your policies promise perpetual freebies, no other outcome is possible.  I suppose this will be, somehow, played as the Republicans' fault.  Sorry, (D)Ump-O-crats...this one has been all yours since the early 60's.

Quote from: Captain Spaulding on July 18, 2013, 04:40:29 PM
So sad...

The direct result of unions run amok, greedy entitlement programs, racist affirmative action, and every other liberal wet dream.

A city bankrupt.



Prosperity destroyed by liberalism and crony racism.
« Last Edit: July 18, 2013, 06:17:52 PM by 98ZJUSMC »
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Offline MoshMasterD

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Re: Detroit files for bankruptcy
« Reply #11 on: July 18, 2013, 06:35:03 PM »
Sum it up in two words...

OWN IT!!!!!!!!!
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Offline NHSparky

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Re: Detroit files for bankruptcy
« Reply #12 on: July 18, 2013, 07:03:41 PM »
C'mon, DUmmies.  Blame this one on Republicans.  Just try.
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Offline Eupher

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Re: Detroit files for bankruptcy
« Reply #13 on: July 18, 2013, 07:52:00 PM »
Quote from: rich_t on July 18, 2013, 04:18:41 PM
So much for that emergency manager they brought in a few months ago.

From what I had understood after reading up on this in various places at various times, Orr was brought in specifically to file Chapter 9. Snyder had to play the game, but as the Detroit city council and Wayne County authorities were too busy with their crime, graft, and greed to actually do what the taxpayers were paying them to do, Snyder had no choice but to play the nuclear option.

This was planned all along. Should be no surprises to anybody, especially the idjits who are trying to squeeze blood out of a rock.
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Offline Eupher

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Re: Detroit files for bankruptcy
« Reply #14 on: July 18, 2013, 07:55:24 PM »
Quote from: rustybayonet on July 18, 2013, 05:44:18 PM
Surprise / Surprise

Since 1962 there have been 7 consecutive democratic mayor's;

1962-1970 Jerome Cavanagh
1970 - 1974 Roman Gribbs
1974 - 1994 Coleman Young *
1994 - 2001 Dennis Archer
2002 - 2008 Kwame Kilpatrick ** - went to prison
2008 - 2009 Kenneth Cockrel  - finished formers term
2009 - pre.  Dave Bing - former Det. Piston Basketball player

* my opinion, this 'street smart' mayor should be in prison also

Said it before - glad I moved from a northern suburb in 1985 - bad then and just kept getting worse.

Yep, the list of Dem mayors is long and the graft, greed and corruption levels skyrocketed along the way, especially during Young's reign. That racist ****tard basically set up and finalized the system that has been in play for lo these many years.

Coleman Young died in 1997, so he won't be going to jail here on Earf. Maybe in Hell, which is where I hope he is.
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Offline Dori

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Re: Detroit files for bankruptcy
« Reply #15 on: July 18, 2013, 08:02:03 PM »
Detroit used to have 2 million people, now they are down to 700k.






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Offline Chris_

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Re: Detroit files for bankruptcy
« Reply #16 on: July 18, 2013, 08:08:07 PM »
Which blue shithole is next?  I call dibs on LA.
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Offline obumazombie

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Re: Detroit files for bankruptcy
« Reply #17 on: July 18, 2013, 08:24:53 PM »
Quote from: Chris_ on July 18, 2013, 08:08:07 PM
Which blue shithole is next?  I call dibs on LA.
Saint Louis isn't looking too good. Neither is Memphis.
Anyone remember when Bela Pelosi said foodstamps created more money than they cost ?
Maybe with the same lib pretzel logic, just a few Flash mob riot lootings will get the detroit economy moving again...

http://www.wnd.com/2013/07/trayvon-martin-protest-leaders-revealed/

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Offline Chris_

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Re: Detroit files for bankruptcy
« Reply #18 on: July 18, 2013, 08:26:47 PM »
Quote from: obumazombie on July 18, 2013, 08:24:53 PM
Saint Louis isn't looking too good. Neither is Memphis.
True, true.

I try to avoid Memphis whenever I can.
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Online Carl

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Re: Detroit files for bankruptcy
« Reply #19 on: July 18, 2013, 08:44:44 PM »
Quote from: NHSparky on July 18, 2013, 07:03:41 PM
C'mon, DUmmies.  Blame this one on Republicans.  Just try.

They will say that the rich were not taxed enough.
****ing idiots.
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Offline Ptarmigan

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Re: Detroit files for bankruptcy
« Reply #20 on: July 18, 2013, 09:07:34 PM »
Detroit is an epic failure. What city is next in line for bankruptcy?
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Offline Dori

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Re: Detroit files for bankruptcy
« Reply #21 on: July 18, 2013, 09:15:05 PM »
Quote from: Carl on July 18, 2013, 08:44:44 PM
They will say that the rich were not taxed enough.


Yeah they were, that's why they left and so did the middle class.

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Offline Big Dog

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Re: Detroit files for bankruptcy
« Reply #22 on: July 18, 2013, 10:51:52 PM »
Quote from: Aristotelian on July 18, 2013, 04:07:25 PM
Leftist economics taken to their natural conclusion.

If John Maynard Keynes and Karl Marx had a son, it would look like Detroit.
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Offline obumazombie

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Re: Detroit files for bankruptcy
« Reply #23 on: July 18, 2013, 11:59:29 PM »
Quote from: Big Dog on July 18, 2013, 10:51:52 PM
If John Maynard Keynes and Karl Marx had a son, it would look like Detroit.
Quite clever.
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Offline Revolution

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Re: Detroit files for bankruptcy
« Reply #24 on: July 19, 2013, 01:22:32 AM »
Quote from: rustybayonet on July 18, 2013, 05:44:18 PM
Surprise / Surprise

Since 1962 there have been 7 consecutive democratic mayor's;

1962-1970 Jerome Cavanagh
1970 - 1974 Roman Gribbs
1974 - 1994 Coleman Young *
1994 - 2001 Dennis Archer
2002 - 2008 Kwame Kilpatrick ** - went to prison
2008 - 2009 Kenneth Cockrel  - finished formers term
2009 - pre.  Dave Bing - former Det. Piston Basketball player

* my opinion, this 'street smart' mayor should be in prison also

Said it before - glad I moved from a northern suburb in 1985 - bad then and just kept getting worse.

Hi5 for this info. Needs to stay visible IMHO. I almost peed myself laughing when I got the breaking news on my phone yesterday.

Stupid people get what they deserve.

Ra-s Al Guhl has the right idea when it comes to Detroit. It must be destroyed.
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