Skip to comments.Creditors file objections to Detroit bankruptcy
Posted on 08/19/2013 12:37:51 PM PDT by John W
DETROIT (AP) Individual creditors who fear losing their pensions and paying more for health care were among those who began filing objections on Monday to Detroit's request for bankruptcy protection, the largest municipal filing in U.S. history and a move aimed at wiping away billions of dollars in debt.
Federal Judge Steven Rhodes set Monday as the eligibility objection deadline in the bankruptcy petition by Detroit emergency manager Kevyn Orr.
Attorneys for creditors including bond holders, insurers, banks, employee pension funds, individuals and companies that provided services have until just before midnight to file objections electronically. City residents filing for themselves began dropping off their objections Monday morning at the court.
Bankruptcy filings show the pension systems are the top two unsecured creditors. The city has about 21,000 retired workers who are owed benefits, with underfunded obligations of about $3.5 billion for pensions and $5.7 billion for retiree health coverage.
(Excerpt) Read more at news.yahoo.com ...
Tell the “creditors” to spell “money.”
Then tell them they forgot the “F”.
Judges get pensions also. This will be interesting.
All bankruptcy matters are heard before Federal judges. They have no dog in the pension fight. Not this one, anyway.
They voted for it, over and over and over and over again..................Now they don’t like what they themselves created...............
Bet 90% or better of them vote straight democrat and will continue doing so. Idiots.
The very same people that helped destroy Detroit are the ones with their hands out. The public workers milked Detroit dry and they still want a free ride.
Unless his excellency resets these bankruptcy laws like he did for the car unions, things are not looking good for the unsecurred creditors in DeRot.
In no event shall the pension be stripped away altogether. It may be much reduced, and even further so when the cost of health insurance is assessed directly upon the pensioner.
But the bottom of the pockets of the corporate entities or institutions providing the pension money has been reached, and the little bit that that can still be dredged up will simply be parsed out to the remaining recipients on a more or less equalized basis - everybody gets a little, or maybe a lot, less.
But if the corporate entity or the institution collapses completely, nobody gets anything.
Go to your Union Bosses....have them pay your Benefits.....you probably were a relative of one of them, anyway, if you "worked" for the City.
Get to the back of the line with the rest of the illegal freeloaders, racist freeloaders, and deadbeats. The DemocRat plantation is imploding.
Yup. Its kinda like investing in crack addicts, its not a great bet.
Pure Michigan replies to Detroit’s critics (caution, salty adult language) ...
You mean the investors actually WANT THEIR MONEY...the money DEEEtroit promised to pay as part of a BOND CONTRACT...?.considering what has happened to that citizenry folks ...over the years...the bad luck and all...it’s obvious those demands are RACIST....or somethin’
"...the full time city work force was reduced from 500 to TWENTY ( yes, that's right...20)
It was how Pontiac was able to avoid bankruptcy and it comes 2 years ahead of schedule.
Judges don’t even pay a dime into their pensions. The have a great gig.