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Detroit Eligible To File Chapter 9; Pension Haircuts Allowed Bankruptcy Judge Rules
Update, and it's official:
- JUDGE: DETROIT ELIGIBLE FOR IMMEDIATE BANKRUPTCY PROTECTION
- DETROIT TO REMAIN UNDER BANKRUPTCY COURT PROTECTION, JUDGE SAYS
As somewhat expected - though hoped against by many Detroit union workers - Judge Steven Rhodes appears to have confirmed Detroit is eligible for bankruptcy protection (after pointing out that the city's accounting was accurate and it is indeed insolvent) making this the largest ever muni bankruptcy.
- JUDGE RHODES SAYS HE WILL ALLOW PENSION CUTS IN DETROIT'S BANKRUPTCY
- DETROIT JUDGE: NOTHING SEPARATES PENSIONS FROM OTHER DEBT
The city will now begin working toward its next major move - the submission of a plan to re-adjust its more than $18 billion in debt - including significant haircuts for pension funds (possibly 16c on the dollar recovery) and bondholders. With Detroit as precedent, we can only imagine the torrent of other cities in trouble that will be willing to fold.
He did provide an "out" though:
- RHODES WARNS THE CITY THAT JUST BECAUSE PENSION RIGHTS CAN BE IMPAIRED, DOESN'T MEAN HE WILL APPROVE A PLAN WITH STEEP CUTS
Via Bloomberg,
Before the bankruptcy, Orr proposed canceling $3.5 billion in future pension obligations and at least $1.4 billion in unsecured bonds. The debts would be replaced with a $2 billion note paying 1.5 percent interest.
But, of course:
Detroit must ask “what is necessary to invest to attract business?” Spiotto said in a phone interview. “If you don’t solve the systemic problem, you are just going to repeat it.”
Summary from Reuters:
Detroit is eligible for the biggest municipal bankruptcy in U.S. history because the city is broke and without Chapter 9 bankruptcy would continue on the path that has led it to insolvency, a federal judge ruled on Tuesday.
The judge also ruled that while the city did not negotiate in "good faith" with creditors, there were too many of them to make such negotiations practical.
Appeals are expected, but the ruling by U.S. Judge Steven Rhodes sets the stage for Detroit to file a plan of financial readjustment by March 1. The city's attorneys said they were not sure if the filing would occur before the end of the year.
The ruling came 25 days after the end of an eligibility trial during which Detroit's labor unions, retirees and pension funds argued against the city's July 18 bankruptcy filing.
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but, but but... they paid in!
I wish i had a list of every police officer and firefighter so i cound send them this news. The Banksters they will eventually protect are the same that allowed this to happen
Calipornia, here it comes;)
That's 16 cents on the dollar in TODAY'S BERNANKE FIAT VALUE.
It will be 12 cents next year.
And then 7
then 2........then.....
ZERO hedge.
"With Detroit as precedent, we can only imagine the torrent of other cities in GRAVE FINANCIAL trouble, THAT LACK THE RESOURCES TO COVER EVEN 1/2 TO 1/3 OF THEIR 'PAST FINANCIAL PROMISES,' that will be EAGER to fold."
Fixed that for 'ya.
As if the screams of a thousand welfare babies cried out, and were suddenly silenced...
http://bestbitcoinsites.wordpress.com
“As clear as it is important, the death of Detroit is still mostly ignored. Generally, the slow destruction of a major city would get a fair amount of attention, but the lack of coverage is hardly surprising. After all, the “bad guys” aren’t the popular ones. In most circles, condemning taxation, regulation, unionization, welfarism and protectionism is unfashionable. It’s necessary to check political correctness at the door and appreciate that the case of Detroit isn’t an isolated tragedy. What happened in Detroit could be coming to a city near you.”
Dan Greenup, The Death of Detroit
eat your peas bitchez
In Detroit, there are no peas. Just feral dogs. Hedge accordingly.
Ok no peas so eat your pit bulls?
i live in the city, in the hood and jf everyones info the banks are done already,
they signed off on 75 cents on the dollar, this happened 5 months ago.
lol those bankers who wrecked america are so smart.
This is the CA Progressive Governmental Employees Worst Nightmare.
They've proselytized for years that if the cities/counties go bankrupt then they still get their pensions and the bondholders take all the hit.
This is landmark for the relationship between Federal Bankruptcy Code and alternatives.
It will be fought tooth and nail... nuclear outcome with the investment managers, insurance companies on one side and public pensions on the other.
We all know the Public's Opinion of "Fuck the government over paid under-worked arrogant leeches"
If you like your pension you can keep....(laughing)...OK, fuck you serf!
xxxoooxxx
-Hopey/Changey
George Carlin had a sensible quote on this, "They're coming after your fucking pensions and they're gunna get them too!"
The man was indeed clairvoyant.
Good post knukles! Don't forget that the very same totally-broke state pension plans are some of the biggest owners of the worthless debt and investors in venture capital and private equity funds. Most people don't realize that the pension plans are sitting on both sides of the table - on one side are the paid investment managers that have a vested interest in keeping the good times going. On the other side are the overseers (political appointees) that have bosses (politicians) that have a vested interest in buying votes from government employees. So who represents the taxpayers? And why don't the union leaders protect the interests of their rank-and-file members that are the ones that will get royally screwed when all of these plans fail? These are rhetorical questions because we already knew this was going to happen. It just sucks waiting for the sheeple to catch up.
So today is your "double POMO day".
"double pomo don't sell in this day" day.
what a joke
Billary Clinton, with the eye on the 2016 prize, just released the following statement:
"We hereby demand that President Obama issue an Executive Order, nullifying the judicial branch as one of the 3 separate U.S. Branches of government as guaranteed under the relic some refer to as 'the Constitution,' and furthermore, order Ben Shalom Bernanke or Janet Yellen (his better hung successor in waiting) to deposit a one trillion USD denominated platinum coin into the coffers of the City of Detroit Treasury Department, c/o Union Cronies, forthwith."
-- Sincerely, Hillary '2016' Clintonlingus
There are now two other cities in California that are exploring the possibilities of declaring bankruptcy. Salaries of current public employees as well as public employee pension obligations are cited as two of the problems facing these cities. No one, not one person, has suggested that the politicians who made those contracts should be held liable. Politicians will continue to make very bad employment contracts because not one of them has ever been held accountable. Its so damn frustrating.
I keep telling my California state-worker, blue-team voting, teat-sucking sheeple acquaintances that they will be the first ones to receive the rectal fisting when it all collapses and they refuse to believe me. They ask why would they be the ones to get screwed when they voted for the people who would be ultimately trying to fix the collapse that they.......created.....with the power given to them by the voters........., whom, if they voted for the problem-creators then they also should make sacrifices and be a part of the..........solutions.......oh........wait..........FUCK!
The true believers are always the first ones to go to the gallows.
Yup. Expect more cities and towns that you've never heard of.
Wasted away again in Unionitaville,
Searchin' for my heavily at risk and dwindling (soon to be lost) pension/DRIP/401(k)/other retirement stockpile.
Some people claim that there's vast graft, corruption, criminality, a massively bloated public sector worker base & Federal Reserve enabled banksters that prey on desperate & idiotic borrowers to blame,
But I know it's nobody's fault (and those unproductive days for decades while on the city dole taking 3 to 4 hour naps at our desks or in idling, heated or A/C on full blast F150s/Crown Victorias/Explorers, etc. were soooo worth it).
Another common theme among my SF Bay Area progressive friends is that if something is "mandated" it will happen. They get really mad when I say "you can mandate anything you want, but if there is no money..."
Right, their stock replies are "The taxpayers will fill in the short fall" and (their most frequently used) "We just need to tax the rich more!"
Morons.
LOL! They get mad when you remind them about reality.
Chicago's pensions are in bad shape as well. I hope it happens there. I have a relative with a Chi Town retiree neighbor down the street that is probably fire. Total psycho hubby and wife. Living high on the pension hog. Nasty people.
I just saw 1, 000 firetrucks and police cars leave Detroit for Texas.....
Those junkers would break down before they got to the Texas border. Stay home Yankee!
Sorry buddy.....my Ford F-150 with over 210,000 miles made it to Dallas in one piece. Damn happy to be here too.
The peple that live in Detroit are not Yankees......they hyphinate their name...with their other continent
All you carpetbagging motherfuckers stay up there and reap what you sow! We dont want your pussy liberal ass down here! All you dumbass shit stains come down here and start creating/wanting the same shit that caused you to run south.
Lol, not me man....I came here to get away from the liberal claptrap. Sorry to say though that liberal shit is here in parts too, especially south Dallas.
However, I am looking forward to seeing the blonde bimbo babe get crushed in the Governor's election.
+1 for your comment though.
LOL! Don't a lot of people in Fort Worth think Dallas is filled with Yankees? I forget the saying. Texas starts West of Dallas or something.
Thank you, folks like yourself are more than welcome. You know what kind of people I'm talking about. Like the fuckers from Jersey, I could be talking about going to Belize and somehow those fuckers will work in that they are from Jersey...I dont give a fuck that your from Jersey, if you love it so damn much take your ass back.
If you like your pension, you can keep your pension.
If you don't like your haircut, you can eat your peas
"but, but but... they paid in!"
Yeah, into a political and public sector union ponzi scheme.
Detroit has been destroyed because blacks - as they've shown EVERTWHERE - are incapable of running an advanced White-built society. Why the hell does everybody avoid that blatantly obvious fact and instead blame the motor industry, Dems, 'liberals' or, craziest of all, White flight?
I've been to Africa on many occasions and, sadly, what you say is largely true. They seem to eventually break off into tribal warrior groups and start killing each other. Not unlike the gang problems we see here in the United States.
And now we have our first black President. Bet this turns out well!
Sheep are for shearing...
same as it ever was...
until it isn't...
Yeah, when the sheep tear down the fences and roam free for a few minutes before being herded up again...
don't bother, they already know it...they've known that the Detroit situation has been unsustainable for years now.
Just try telling that to those you know who have pension funds they believe will pay out. When I do, the reply is always "Oh yeah, they will just raise taxes." How's that working out for Detroit? Can't tax those who have no work.
You say that, but isn't there another article that just went up that says Thailand police got out of the way of protesters?
The police may be selfish, but they aren't stupid. They know when they're getting stabbed in the back.
Stabbed in the back my ass.
Switching loyalty to the highest bidder, that's what it was
not only that, the bankers get to split up the art at the DIA.
Whole lot of sheeple currently experiencing a strange concept called reality. Even funds which assumed a city could never go bsnkrupt, and what's besutiful about this is Obama can't just print it, otherwise every city in the nation would be screaming for the same thing.
See, eventually even the printing press has its day in court.
Might the Fed buy pension obligation bonds? Maybe yeah--but only from banksters who are underwater on them.
is it the banker's fault or the politician's fault or is it the union's fault? I find more blame with the pol's and the untions than I do with the bankers. No doubt, the bankers are corrupt and immoral, but they aren't the ones that negotiated the retirement deals that led to the city's bankruptcy, and they aren't the ones that wholely mismanaged the finances of the city. If you want to blame anyone, blame the democratic mayors that have been there forever.
Yup, suck it cops of Detroit(sorry firefighters)!!!! Look what all the protecting of banksters got ya........ a big dick in the ass. Kiss your pensions GOODBYE!!!! Hope you all like the taste of dog food because that's all you'll be able to afford to eat when you're 65, living in a van down by the river!!! You all picked the wrong horse...... should have been on the side of the people. LULZ!
All the people adroitly stating ( for years in many cases ) that public pensions don't have a prayer of being met, and private ones have largely been sold off and or looted years ago ) will doubtlessly end up as prophets in the coming years. Meanwhile by their own admission they would say, it was written on the wall.
Same old situation You have high end wealth undulgences paid to insiders, bankers and the top end cronies as the standard operating procedure to foment positions of power and influence, and unrealistic promises to the unwashed masses like benefits and pensions to get elected.. It works well. Until it doesn't.
detroit shoulda becum a bank, then they woulda ben bailed out
Good point. Worked for Goldman.
caint dey bitchezz get no tarp monies?
http://www.youtube.com/watch?v=YG8YWpnugJE
bumhaxor Berri Bin Abdel Hussayn Obama needs to provide some BACON!
Just overheard in a back room at CNBC: "Somebody dust off Meredith Whitney!"
I'm pretty sure they'll find plenty of takers to knock the dust off...
I'd knock the dust off that pussy! -Smokey
Sorry, it was too easy.
This is the US Biggest "Cluster Feck" that is going to cause real problems.
Whitney was right...............just timming out a little
She was right. The timing was off because she probably never thought they would print and loot that much to keep those blue states and cities alive. Hundreds of billions looted from TARP and sent to cities.
but, but but... they paid in! .. yea, they sure did, didn't they ..... & where did the money go? like CNBS always says, "just went up to money heaven!" bullshit, that money was transferred into the pockets of Wall St. via fraud & swindle & scam. & no one talks about it or puts these criminals in jail. the pension funds were deliberately looted, just like Qadaffi's gold was stolen & his sovereign wealth fund 'frozen'. this little old lady knows what's going on. these criminals must be stopped & jailed & worse.
The list of bad investments the various Detroit pension funds have made is downright impressive.
Pretty much every institution is no different... there's someone at the helm pretending to perform due diligence, when in fact the purchases are rarely bid out, let alone researched. Further, the folks doing the buying often times don't have experience selling, thus they tend to not know most of the tricks and pitches. The investing function is effectively firewalled from the rest of the organization given none of the administrators know the risk associated with what they're buying and, even if they did, it isn't politically wise to rock the boat. Moreover, the most prudent investor is woodshedded because his return is likely less than his peers...
Of course, there aren't any bad investments... just bad prices.
You're right, lynny--and Wall St skated after all their predations on the S&L industry in the 80s.
Not to worry. If they lose their benefits, they'll end up on the Federal dole where the taxpayers will take care of them. Just the usual shifting things around between municipal, county, state and Federal taxes to ensure the middle class keeps being sucked into the vortex.
But, didn't Messiah Obama save Detriot? You mean he lied? He is not a Savior?
He funneled tens to hundreds of billions to many cities. Once Michigan got a Repub governor, Detroit was on their own. The Dems want to blame the Repubs for this and scare the unions.
a 'judge' made that kind of ruling ?
But aren't we waiting for judges, congress, and the next politician lawyer/liar candidate to save the day ?
all various branches of the criminal syndicate
Ha! Ha! Ha!.....unions are in full panic....
Guess the Dems that made all those promises for the past 30 years won't be in office much longer! Well unless they take their lead from Obama and blame the GOP, hackers, Fox news, the Tea Party as the reason for the failure!
Full steam ahead there Biches!
They just voted in another of their "kind," he just happens to be white.
Perhaps if they build another sports stadium or arena, all of their economic woes could be solved.
They're doing that, or have begun the process now, with an approved 650 million USD hockey arena that's going to be built, if news reports are an indication.
You can't separate the Circenses from the Panem.
They are trying to move the stadium idea forward independently of all this bullshit.
They are expecting the rest of the state to rally around Detroit as this shitstorm puts other muni bonds in the state at a higher risk. There are two states in Michigan - Detroit/Flint and all the rest of us. That whole corridor is becoming a vast shithole.
Funny thing is, the west side of the state is top 3 in job production in the country the last 5 years.
i lived on the west side of the State of Michigan for the past 6 years. due to the demographics, the older stable & honest demographics in the G.R. area, it is a good place to live & bring up a family. but, the winters are horrible.
I grew up north of there, outside of Muskegon. Family farm is up there.
I'd love to have a summer home up there, especially to get a break from the Texas heat. But the cold and winters is why I bailed and can put up with 100+ degree days. I'll take 100 over 20 any day.
Grand Rapids is the only place I ever been in MI. Nice place and nice people. It is like another planet versus anywhere near DET. I was in GR in either the spring or fall and it is cold.
I once spent a summer at a really, really clean inland lake near the Sand Dunes in the northwest part, that overlook Lake Michigan.
I was 17 years old, with my hottie 20 year old/110 pound, free love girlfriend (she wore me out and taught me some new things - college girls - gotta' love 'em) & some good friends in tow.
Good times. I can't remember the name of the lake. It looked like something out of the Carribean, though.
That part of the state should secede.
Yes but the Red Wings are the only thing to come out of Detroit that is consistantly good/great year-after-year. And you just heard that from a Flyers fan.
http://bleacherreport.com/articles/1071642-detroit-red-wings-best-franchise-in-pro-sports
Red Wings have already decided to bail on the Joe, just a matter of when.
A new hockey arena is a given no matter how destitute the city is, 'cause it's for the suburbanites.
The suburbs are getting eaten by Detroit. Check out Grosse Pointe housing prices on the interface with the city sometime. Eating away at the edges.
Build the fences and gates.
Keep the masses out
I totally agree with the getting eaten part. That's why I left. I lived Downriver and the crap creep is headed south too.
Packed up my truck, left and started over again in my early 50's, but can't get my kids to leave and at least try someplace better.
"DETROIT JUDGE: NOTHING SEPARATES PENSIONS FROM OTHER DEBT"
Umm, angry old men with shotguns might disagree?
I would pay real cash money to see that.
I think you're going to be disappointed, though.
Yeah, but "nothing" is too optimistic a word in this situation.
Well, at least their SS checks are guarant... Oh snap! ;)
The checks won't stop.
It's when a Big Mac value meal costs $150 - that's when the fan shits.
NWA was right. Fuck the police. They should have done another album, after that. Fuck the firefighters too. And... another album, Fuck the teachers.
Actually, do a box set. Fuck everyone associated with public agencies of any stripe both federal and local. Fuck them all and fuck their pensions.
They should have wised up years ago that their chronic raping was unsustainable.
If you know any of the above, they are not 'bad' people, but those people are no less fucking us in the ass without our permission.
We don't need any of the above. Never did.
Firefighters suck. Buy insurance. Let your house burn down. No problem there. Check.
Cops suck. Practice the 2A. That's what its for. Be a DIYer and not a giant pussy. Check.
Teachers suck. Teach your own kid yourself. You had the baby, not the gay couple down the street. You. Find a tutor and write a damn check.
Anyone on a pension is robbing the rest of society in unreasonable ways that NO ONE in the private sector comparably gets.
I'd rather the bondholders remain completely whole, over the pensioners, even if they are both retarded.
wyatt, that's an awful long piece and i'm still not exactly sure about what you think about public sector unions. could you be more precise?
Wyatt, I just added you to my list of heroes.
+1 The dude is correct.
Fuck yea! Nice post.
"Buy insurance. Let your house burn down. No problem there. Check."
How much do you think insurance would cost without firefighters or without fire codes and building inspectors? In suburbia or the country it might be fine to let your neighbors house burn down--not in the city where no man is a fireproof island.
Every pension plan was approved by elected officials but I don't see them on your list. They bought union votes with your tax money and many moved on to highter corruption before TSHTF.
When was the last time a house in your neighborhood caught fire? Firefighters spend most of their time shuttling medicaid patients to the emergency room. This is not conjecture. My wife has a good friend who is a firefighter and that's what he does most of his time (well, the 3 days a week he works anyway). Poor people don't have a car and have a toothache call 911 because they know the firefighters have to show up by law and take them to the hospital.
Good point. The fire codes and UL standards have made fires rare. There is ridiculous redundancy in most fire departments and obscene abuse of already inflated pensions.
Yeah the pension benefits were unsustainable but it mystifies me on here why posters despise them so much and have ideas about society that border on nonsensical yet this gets 18 thumbs up.
Detroit has a lot of guilty parties and this played out over a large time period. Also a bunch of large macroeconomic trends that were at worst too but it is easier to just take the simplistic notion of blaming someone/anyone as the scapegoat.
Wyatt, you are a fucking lunatic! I hope they put you in isolation at the FEMA Camp. I don't want to be anywhere you.
Yeah, but what are they gonna do?
Tear up the city?
Tearing up Detroit would be an improvement.
OK, I admit that was a funnier comment than mine.
Better sell it to the Chinese. It's way better to own a bankrupt city with some land and buildings than paper.
Thats all the Chinese need, another ghost city.
But everything would be clean, ready to move in. Investment property. Something the banksters can put on their books.Win win.
Detroit is clean? Did you just warp here from 1947?
Ring fence Detroit and use it for artillery practice.
Yep. Just a different way. http://green.blogs.nytimes.com/2012/12/11/detroit-narrowly-approves-vast-land-sale/?_r=0
They can give them 4 acres and a (drug)mule.
They're gonna set it on fire .... oh wait
BULLISH !
This will pave the way for others waiting on sideline. See, Detroit can do it so can we.
PLAN B: RAISE PENSION AGE TO 100 YEARS!!
Ah! the Bismarck manoeuvre.
loooooooooooooooooool
Step 1 Party like a wild man on welfare
Step 2 Have yourself flash-frozen at the age of 24.
Step 3 Thaw out at age 100.
Step 4 Profit!
Everyone is in full panic. They said BONDS and pensions. The only winners are the underwriters who make fees, and people looting the art museum. Who's next? Cough Chicago Cough.
Philadelphia
Oh, yeah. They're definitely in the mix. Most of their pensions are much better funded than Detroit, though. The other stuff.... eh, not so much.
You know what ol' Buffet said. Be greedy when others are in panic ... or something like this.They will buy Detroit for pennies on the Dollar, put some fresh paint on it and hype it in the media, they own themselves. And the sheeple in this country easily forget. You will see, in 10 years from now Detroit will be the top investment for pension funds.
RafterMan is also a winner 'cause I got a hearty laugh out of the wailing of the ticks; cue Nelson's HAW HAW!
Chicago just got a boner!
Off topic article backdoor gun control
http://therightscoop.com/allen-west-warns-that-backdoor-gun-control-is-here/
Bought tin bullets instead of lead recently. Going to evaluate the performance.
First they hoarded brass by buying billions of rounds, now they outlaw lead. Predictable.
Go to Survival Blog and search for 'Leadcentric'. Interesting read.
The Blaze (Glenn Beck site) said the lead bullet smelter thing is not that big a deal. Supposedly, most of the lead used in bullets is recycled from car batteries. They recycle it and clean it up. It should not raise prices as that smelter in Missouri only accounted for 2% of bullet production.
Still these evil **cks are trying to make it too expensive to buy ammo.
I'm guessing it's one more thing the US will source from China or elsewhere, eventually leading to higher prices on anything made of lead which would necessarily trickle down to recyclables. I think California just did, and other states are trying to, outlaw all lead bullets and shot. I shoot steel shot in my area but it is more expensive in most brands. Overall, prices have come down but still higher than 12/12 in general. And I still can't find .22LR anywhere locally. It's gone as soon as it hits the stores. I have a lot of lead stored but I don't think my clients old LA UPS batteries will be given away to the junk guy anymore...I think I'll take them in and do a swap for raw material.
Just introducing increased prices for the bullets.
1%'ers will still be able to afford them, so nothing to see here....
At least the New Detroit Red Wings stadium will still get $400mm in taxpayer funds.
Expect to see a major tax increase on octopus sales.
400M? comeon, when the city of SD ponied up PETCO Park, home to a now minor league baseball team, it was only 40M, and the city was bankrupt, but the bills never came due. they hatcheted the public employees pension system. now the football team wants a stadium and the solution is a new convention center, multiuse facility. SD has a long tradition of probusiness Republican mayors, but it really doesn't matter, the liberals throw money down the rathole just as fast.
Ralph Nader suggests nationalizing professional sports teams, or rather cities buying their own teams, since they basically pay for them anyway, while the owners inflate their asset value, then manage them according to their own whims. owning a team is a very very lucrative investment. (the SD baseball team is the most profitable in the league - they don't waste their money on players) sports are more important in this time of our empire, but home town loyalty is a thing of the past, when the Red Sox came to town half the stadium was wearing the Boston gear (the announcers were confused) makes you wonder why cities dont own the stadium and the teams dont float from week to week.
Whatever the number is, the Wings will get it.
if they truly are going to pare back pensions and benifits for those who work for The Party, maybe they will have to start paying attention to the damage their actions are doing to the rest of us. 'just doing my job', won't cut it.
Snake Pilsken will lead the rioters in 3... 2... 1...
Obama will save us! We just have to have faith.
He shafts his friends worse than his enemies, near as I can tell. So much easier to do to people who don't even have their defenses up.
"They will vote blindly & mindlessly for him, as he fully lines the banksters' pockets continuously & without intermission, to the proportionally opposite, directly detrimental pecuniary interests of their own, and they will love him for it...BECAUSE OBAMA."
-- Overheard as stated by Senior Obama advisor.
"Obama will save us! We just have to have faith."
Ie: Blind faith.
Live coverage of the Detroit hearing - text from the courtroom:
http://www.myfoxdetroit.com/story/24115080/detroit-bankruptcy-decision
But, Detroit is exceptional.
An exceptional shithole. If you've never been there, don't.
Friend of mine was there for an event a couple of years ago. He got punched in the face and mugged in broad daylight on a busy street with many people around. So yes, avoid that place at all costs.
This decision is going to make Detroit a really bad place to live.
Coming to CA, IL and others. A landmark decision.
"Coming to"? You have to be fucking kidding. They just haven't said the baby is ugly. Because no one wants to look. This decision makes them look.
Fucking ugly, baby.
LOL! Priceless.
Fucking ugly baby, baby.
Thank God, a moment of American court system sanity where people do not fight natural law. I believe bankruptcy court rules make an appeal very unlikely.
Oh, for sure. But remember it's already been sucked into the FEDERAL court system. They yanked it out of the state courts months ago (covered by ZH and read by many, including myself). This is all federal level stuff happening here. Which means, of course, it's going to have broad applicability to other states.
Devious, no?
Why is it devious? Either the federal court has jurisdiction to decide the issue or it doesn't... what are you arguing exactly?
If it's a state issue, then the federal court's decision is merely persuasive authority (attempting to sit in the shoes of the state's highest court)... needless to say, the state's highest court would be the decider of any state issues.
Nope. Federal bankruptcy procedure is mentioned explicitly in the Constution and supercedes any state laws. That's why the Michigan state "mandate" to pay all pensions at par didn't hold up in the case of Detroit.
Exactly... it's not a state issue due to the supremacy clause... hence there is no devious nature to the case...
aint debt-money a wonderful thingy
~~~
Cops, keep protecting the politicians that screwed you. They over-promised along with the unions.
The politicians and Wall Street are set to take the rest of the money.
Coming soon to a city near you.
Yep. Rented a room in a retired cops' house who was from California ... getting something of a pension but not much ... he was going to labor ready and working chopping fish heads off at the fisheries till he got training for another job and found a better one. The cost of living had gone up so much he was having trouble paying for his house renting parts of it out to 3 of us renters. Good times .... not.