Michigan

Bankruptcy lawyers for both the City of Detroit and its creditors can breathe a sigh of relief as foundations have announced $330 million to save Detroit’s assets. The mediator in Detroit’s federal bankruptcy case announced this morning that local and national foundations have pledged $330 million toward an effort to shore up Detroit’s ailing pensions …

Bankruptcy lawyers for both the City of Detroit and its creditors will have to make quick work as bankruptcy Judge Steven Rhodes has ordered that his ruling regarding Detroit’s eligibility may be immediately appealed. The Judge has yet to decide on whether or not to recommend a fast track for the U.S. 6th Circuit Court …

The New York Times published an article this Sunday regarding lawyer Kevyn Orr, the City of Detroit’s Emergency Manager, that is now leading the city through bankruptcy. The article discusses Mr. Orr’s personal and professional history. Mr. Orr worked as a bankruptcy lawyer on Chrysler’s Chapter 11 filing in 2009. The article also discusses Mr. …

Bankruptcy Judge Steven Rhodes has issued an opinion declaring the City of Detroit eligible for bankruptcy protection. Bankruptcy lawyers for Detroit’s creditors are anticipated to file appeals to the decision. Lawyers from both sides will then have to bring their arguments to the U.S. District Court for the Eastern District of Michigan. Judge Rhodes address …

The Detroit Free Press Sunday printed an interesting article on Bankruptcy Judge Steven Rhodes. Most telling, was the reiteration by Judge Rhodes that the residents of Detroit deserve a better city. Here in lies the goal of bankruptcy resolution – to obtain a better standard of living by resolving debts when insolvent. If you do …