To: Springman; cyclotic; netmilsmom; RatsDawg; PGalt; FreedomHammer; queenkathy; madison10; ...
12 posted on
12/03/2013 8:52:29 AM PST by
cripplecreek
(REMEMBER THE RIVER RAISIN!)
To: cripplecreek; All
Detroit Eligible To File Chapter 9; Pension Haircuts Allowed Bankruptcy Judge RulesUpdate, 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.
28 posted on
12/03/2013 9:21:26 AM PST by
Zakeet
(If socialists understood economics, they wouldn't be socialists - Friedrich Hayek)
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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