Detroit Bankruptcy

The President of the New York Federal Reserve recently gave commentary that the municipal bankruptcy of Detroit, along with Stockton’s bankruptcy, may foreshadow more widespread problems in municipal governments across the country that are not reflected by bond ratings. Bond ratings are similar to consumer FICO scores in that many investors heavily rely on them …

The chief judge of the U.S. 6th Circuit Court of Appeals, R. Guy Cole, Jr., has appointed U.S. Bankruptcy Judge Thomas Tucker, of the Eastern District of Michigan, as the new judge to proceed over the City of Detroit’s Chapter 9 bankruptcy. Chief Judge Cole stated that he looked at factors of experience and case …

Bankruptcy Judge Steven Rhodes made his first public appearance after the Detroit bankruptcy plan was confirmed when he gave the commencement address at Walsh College. The judge made a point to emphasize that the case was resolved amicably due to the teamwork of bankruptcy lawyers, creditors, mediators, and other interested parties. Without the bankruptcy attorneys …

Bankruptcy lawyers for the City of Detroit defended their fees last Friday to the U.S. Bankruptcy Court for the Eastern District of Michigan. Pension plan bankruptcy attorneys and investment bankers who consulted on the bankruptcy also appeared and defended their fees. The city’s bankruptcy attorneys used information related to other municipal restructurings to defend their …

Bankruptcy lawyers and bankruptcy consultants for the City of Detroit and interested pension plans in the Detroit bankruptcy are required to demonstrate to the bankruptcy court of the Eastern District of Michigan, Detroit Division, that their fees are reasonable. Bankruptcy lawyers for all sides will be able to comment on each others fees and that …