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To: Springman; cyclotic; netmilsmom; RatsDawg; PGalt; FreedomHammer; queenkathy; madison10; ...
Bankruptcy goes forward and union pensions are not protected. Judge says city didn't negotiate in good faith.

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Michigan legislative action thread
12 posted on 12/03/2013 8:52:29 AM PST by cripplecreek (REMEMBER THE RIVER RAISIN!)
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To: cripplecreek; All
Detroit Eligible To File Chapter 9; Pension Haircuts Allowed Bankruptcy Judge Rules

Update, and it's official:

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. 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.
28 posted on 12/03/2013 9:21:26 AM PST by Zakeet (If socialists understood economics, they wouldn't be socialists - Friedrich Hayek)
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To: cripplecreek; AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; cardinal4; ...

No one in a labor negotiation participates in good faith — that’s one of those catch-all terms used by union goons to bully people out of their money with the full cooperation of the NLRB. Thanks cc.


89 posted on 12/03/2013 4:33:01 PM PST by SunkenCiv (http://www.freerepublic.com/~mestamachine/)
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