Michigan

Detroit Bankruptcy Taking Precautions Regarding Vote

The City of Detroit will take ballots from retirees who are affected by the city’s bankruptcy to determine whether or not the group agrees to the plan as proposed. The city’s bankruptcy lawyers are not taking any chances with the ballots, and have contracted for an outside party to tabulate the votes. Some bankruptcy claimants …

Detroit Bankruptcy Faces Challenges from Insurance Company

Detroit’s bankruptcy lawyers are preparing for a fight in U.S. Bankruptcy Court. The insurance company for Detroit’s bond holders is seeking to stop the bankruptcy at all costs. It recently has tried to gain access to the more than 20,000 City of Detroit pensioners through a subpoena in attempts to sway their votes on the …

Votes Coming Detroit’s Bankruptcy Plan Include Taking Portion of Savings Accounts

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 …

Michigan Legislature Approves Detroit Bankruptcy Funding

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 …

Detroit’s Bankruptcy Lawyers Respond to Plan Objections

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 …

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