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Independent voices from the The Washington Times Communities
Topic - Kevyn Orr
A judge has given Detroit the green light to cut pensions as a way out of the largest municipal bankruptcy in U.S. history, a decision that puts the case in the laps of thousands of retirees who had hoped that the Michigan Constitution would protect them from getting smaller checks in their golden years.
In the ongoing saga of the biggest municipal bankruptcy in U.S. history, a federal judge cleared the way Tuesday for Detroit to declare bankruptcy and shed $18 billion in debt, declaring the Motor City "was and is insolvent" and it is a "foregone conclusion" that it cannot meet its financial obligations.
Detroit is eligible to shed billions in debt in the largest public bankruptcy in U.S. history, a judge said Tuesday in a long-awaited decision that now shifts the case toward how the city will accomplish that task.
Voters in Detroit — a city at the heart of the civil rights movement and a stronghold of black political influence — have elected their first white mayor since the 1970s.
The city of Detroit will present a "mountain of evidence" to show that its perilous finances qualify for a turnaround in bankruptcy court, an attorney said Wednesday as a judge opened an extraordinary trial to determine if the largest public filing in U.S. history will go forward.
The Obama administration on Friday stepped forward and announced millions in grant dollars to give to financially failing Detroit — but even that taxpayer dole-out may not prove acceptable to some of the city's workers, who instead wanted a full-scale bailout.
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.
Kevyn Orr, the former Washington, D.C.-based attorney who's been tasked with overseeing the financial restructuring of bankrupt Detroit, was forced to issue a mea culpa to city residents on Wednesday: Sorry for calling you all stupid and lazy, he said.
The bankruptcy filing by the city of Detroit garnered a lot of media attention, but it was not unexpected. It's hardly shocking to learn that after decades of chronic mismanagement by a corrupt political machine, even America's richest city — which Detroit once was — can be laid to waste.
Financially embattled Detroit has called in the Christie dogs, and asked the world famous auction house to appraise several city-owned properties — including parking meters, properties and even Institute of Arts museum artifacts.
A federal judge agreed with Detroit on Wednesday and stopped any lawsuits challenging the city's bankruptcy, declaring his courtroom the exclusive venue for legal action in the largest filing by a local government in U.S. history.
The disintegration of Detroit has been occurring for well over half a century ("Detroit files for bankruptcy," Web, July 18). If you grew up there, as I did, you still cannot believe what has happened.
Detroit Mayor Dave Bing warned Sunday that his may be the first major city to declare bankruptcy, but that it won't be the last.
Detroit has filed for federal bankruptcy in what could become the country's largest-ever municipal bankruptcy case, the Associated Press reported Thursday
The state-appointed emergency manager for Detroit yanked the salary of City Council President Charles Pugh on Thursday, allowing him at the same time to keep his health benefits — for the time being
Orr says pension funds are short by $3.5 billion; most who collect get less than $20,000 a year.
"We're trying to be very thoughtful, measured and humane," Orr told reporters. "The reality is there is not enough money to address the situation no matter what we do."