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Second- and third-stringers eye 2016 if front-runner stumbles
Topic - Doug Bernstein
Banks, bond insurers, employee pension systems and others standing to lose big if a federal judge declares Detroit insolvent are expected to legally file their objections to the largest municipal bankruptcy in U.S. history.
"The thinking from the pension funds is it's better to have the money in hand rather than worry about it over time," said bankruptcy expert Doug Bernstein. "The risk shifts to the pension funds to get a return on the investment."
"Judge Rhodes will not approve a plan that over-promises," bankruptcy expert Doug Bernstein said. "They are definitely going to have to back up their numbers."