Bankruptcy

The City of Detroit’s creditors filed objections to the City’s bankruptcy today as reported by the Detroit Free Press. Dozens of creditors, unions and retiree groups objected to Detroit’s eligibility to file for Chapter 9 bankruptcy, setting up a fierce legal battle today that will determine whether the city’s bankruptcy case can proceed. U.S. Bankruptcy …

The U.S. Bankruptcy Court for the Eastern District of Michigan issued Administrative Order 13-12 on August 14th. The Administrative Order removes all cases from Judge Steven Rhodes’ docket for Chapter 7, Chapter 11, Chapter 12, and Chapter 15 bankruptcy filings. The bankruptcy court’s clerk has or will reassign to the other judges located in Detroit. …

A story from Reuters today stating that a mediator has been appointed in the City of Detroit’s bankruptcy. DETROIT (Reuters) – The judge overseeing Detroit’s bankruptcy case named a federal judge, Gerald Rosen, as the judicial mediator in the city’s Chapter 9 proceedings, according to a court filing on Tuesday. Rosen would have a chance …

Timesunion.com published an article discussing the chances of bankruptcy in the State of New York after Detroit’s recent bankruptcy. In the past, New York responded by creating what are known as control boards. I know. In my first term as state assemblyman, I wrote the control board law for Yonkers. It did what control boards …