Detroit Bankruptcy

Detroit’s bankruptcy lawyers negotiated for a 4.5% reduction in pensions (not including fire and police) with no annual standard of living increase. In addition, some pensioners left their funds in a savings account with the City of Detroit where they received large interest and bonus payments. Detroit’s bankruptcy lawyers now argue that those interest and …

The City of Detroit’s bankruptcy lawyers will be pleased to hear that the State of Michigan legislature has approved a bill that will send $194.8 million to the City of Detroit to help settle Detroit’s bankruptcy. The funds going from Michigan to Detroit will help insulate the state from hiring their own bankruptcy lawyers and …

The City of Detroit’s bankruptcy lawyers have responded to the nearly 6000 objections in the city’s bankruptcy reorganization plan. Detroit’s bankruptcy lawyers drafted a 256 page response detailing responses to the massive amount of responses and providing a detailed account of the city’s arguments to favor its bankruptcy filing. Detroit’s bankruptcy lawyers and its creditor’s …

The Michigan legislature has held off their initial vote on contributing $195 million to the Detroit bankruptcy in order to protect the city’s assets from creditor liquidation. The bankruptcy lawyers should not worry too much as the hold is just for a single day in order to review recent changes. Michigan lawmakers are waiting a …

U.S. Bankruptcy Court Judge Steven Rhodes, of the Eastern District of Michigan, chastised the City of Detroit’s bankruptcy lawyers for releasing confidential material related to negotiations with the city’s creditors. The bankruptcy lawyers advised the court that they do have staff that reviews every document that is submitted in the bankruptcy filing, but the staff …