Posted on 07/19/2013 12:14:13 PM PDT by Wally_Kalbacken
(Reuters) - Detroit's historic municipal bankruptcy filing on Thursday came less than 10 minutes before lawyers for the city's pension funds and retirees had rushed to another court to try to block it.
The bare bones bankruptcy petition, which came at 4:06:22 p.m., blindsided everyone in the room, according to two lawyers who were in state court in Lansing, Michigan, at the time. Even the lawyer representing the governor and the judge were caught unaware.
"I think everybody was surprised," said Bill Wertheimer, an attorney for a group of current and retired Detroit city workers who filed a lawsuit early this month to try to block any bankruptcy.
"The attorney general, he claimed to know nothing about it, like he was deaf, dumb and blind," said Wertheimer, who is paid by the United Auto Workers. "The judge was clearly taken aback."
The largest-ever municipal bankruptcy in U.S. history puts at risk the future of retiree pension and health benefits for thousands of city workers.
Although city retirement benefits are enshrined in Michigan's constitution, Kevyn Orr, the city's state-appointed emergency manager, outlined a plan for creditors that would include significant cuts in pension payments.
(Excerpt) Read more at reuters.com ...
FTA: Judge Rosemary Aquilina
Ah, another wise (*snicker*) latina...that still is dumber than a box of rocks.
This is like a ship sinking and the passengers trying to wrest the buckets out of the hands of those trying to bail water. Ridiculous.
I didn't know that thanks. I am sure you are aware their is a 60 day soup to nuts forensic review of the pension plans, and if they haven't seen the books, then one may ask why do they not want the books looked at?
Something is Rotten in Demark...
Based on Frogger, perhaps?
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