Michigan Gov. Rick Snyder (R) said the state has no plans to sell any artwork from the Detroit Institute of Art as part of the city's Chapter 9 bankruptcy filing. Speculation has been rampant for months that pieces from the museum collection would...
by Ben Feder
The recent ruling by Judge Stephen Rhodes finding the City of Detroit eligible for protection under Chapter 9 of the U.S. Bankruptcy Code has rightly received considerable attention. The determination that Detroit has met the standards...
by Francis J. Lawall and J. Gregg Miller
This Emerging Issues Analysis
is adapted from the Collier Monograph "Debt Adjustments for Municipalities
under Chapter 9 of the Bankruptcy Code," by Francis Lawall and J. Gregg
Miller. The authors...
Aside from the issues of a potential violation of the
Constitution, the costs, and the effect on the state's municipal bonds, and the
question of who in a state could declare bankruptcy for the state, a state
filing for bankruptcy should raise...
Orr , the emergency manager appointed by Michigan
Governor Rick Snyder to try to resolve the Detroit financial crisis ,
has effectively replaced the Detroit mayor, former
NBA legend Dave Bing . However, it is Orr who in the upcoming weeks
Scores of retirees and creditors, including the American Federation of State, County and Municipal Employees, have challenged Detroit's historic Chapter 9 bankruptcy filing, arguing that it is unconstitutional because it could be used to slash retiree...
On April 1, 2013, the U.S. Bankruptcy Court for the
Eastern District of California ruled that the City of Stockton qualified to
file for protection under chapter 9 of the Bankruptcy Code. The court's decision
on this issue serves as an important milestone...
by Ben Feder
The perception that public employee pension obligations cannot be impaired in bankruptcy suffered a damaging blow several months ago in the City of Detroit bankruptcy case , and has now been fatally wounded by the recent ruling of Judge...
Last month Michigan Gov. Rick Snyder (R) unveiled a plan to help revitalize bankrupt Detroit: issue special visas to lure highly skilled immigrants to the city, or as he put it, send the message that "Detroit is open to the world." The city's...
Meredith Whitney, one of the first financial analysts to foresee the collapse of the housing market, famously predicted in December 2010 that a wave of municipal bond defaults was on the way . The wave, however, has yet to materialize, and the bankruptcy...
by Barbara Altimus Shreero
Judge Christopher M. Klein's decision to accept the
City of Stockton's petition for bankruptcy on April 1, 2013 set the stage for a
battle over whether public workers' pensions can be reduced through municipal...
Michigan Gov. Rick Snyder (R) signed off on the city of Detroit's Chapter 9 bankruptcy filing on Thursday, instigating the largest municipal bankruptcy case in the nation's history. The filing was made in U.S. District Court for the Eastern District...
by Ben Feder
battle in California municipal bankruptcies between bond investors and Calpers ,
the California public employee pension system, began in the Stockton Chapter 9
bankruptcy case and continues unabated in the bankruptcy
case of San...
Michigan lawmakers have given their approval to the bankruptcy exit plan negotiated by federal mediators that has come to be known as the "grand bargain." The nine-bill package, passed with bipartisan support in both chambers and expected to...
has seen signs
of revival in its urban core following the near-death experiences of GM and
Chrysler. Unfortunately, its municipal finances remain beaten down by the
city's long and precipitous decline over the past several decades. Labor...