07-18-2013, 04:20 PM #1
City of Detroit Files for Bankruptcy
Detroit files for Chapter 9 municipal bankruptcy
Detroit becomes largest city in U.S. history to file for bankruptcy
Author: Dave Bartkowiak Jr. , Online News Editor, email@example.com
Published On: Jul 18 2013 04:02:14 PM EDT Updated On: Jul 18 2013 04:14:41 PM EDT
July 18, 2013 at 4:14 pm
Detroit files for Chapter 9 bankruptcy
Robert Snell, Daniel Howes, Chad Livengood and David Shepardson
Detroit—The city of Detroit filed the largest municipal bankruptcy case in U.S. history Thursday afternoon, culminating a decades-long slide that transformed the nation’s iconic industrial town into a model of urban decline crippled by population loss, a dwindling tax base and financial problems.
The 16-page petition was filed in U.S. Bankruptcy Court in Detroit.
Gov. Rick Snyder’s office was making plans this afternoon to hold a Friday morning news conference at the Maccabees Building, 5057 Woodward in Midtown, according to a source. It’s the same location where the governor declared a financial emergency for Detroit on March 1...
From The Detroit News: http://www.detroitnews.com/article/2...#ixzz2ZQkrTU6q
07-18-2013, 04:26 PM #2
Confirmed: Detroit Files For Bankruptcy
July 18, 2013 4:17 PM
Reporting Vickie Thomas
DETROIT (WWJ) - Detroit has filed for a Chapter 9 bankruptcy — the biggest municipal filing in U.S. history.
According to sources talking to WWJ City Beat Reporter Vickie Thomas, city officials were preparing the filing earlier Thursday. Federal Court spokesman Ron Hansen confirmed the filing shortly after 4 p.m...
07-18-2013, 04:44 PM #3
Just read this BDE - Fire sale coming soon to Detroit.
Orr was unable to convince a host of creditors, the city's union and pension boards to take pennies on the dollar to help facilitate the city's massive financial restructuring.
07-18-2013, 04:49 PM #4
As an aside, I commend the Kid Rocks and the Eminem's for doing what they can:
Eminem turned down this starring role because they couldn't/wouldn't shoot the movie in MI
07-18-2013, 05:31 PM #5
07-18-2013, 05:42 PM #6
I was back in Detroit recently, visited the DIA and then heard about the possibility of them selling some of the works there. My heart broke. So many days spent wandering those galleries as a kid... this is so terriblly sad. The BK was only a matter of time IMO after appointing the outsider to run the city."I arise in the morning torn between a desire to improve the world and a desire to enjoy the world. This makes it hard to plan the day."
- E. B. White
07-19-2013, 09:49 AM #7
07-19-2013, 09:53 AM #8
Long-suffering Detroit finally turns to bankruptcy
COREY WILLIAMS, AP
3 hours ago
DETROIT (AP) — At the height of its industrial power, Detroit was an irrepressible engine of the American economy, offering well-paying jobs, a gateway to the middle class for generations of autoworkers and affordable vehicles that put the world on wheels.
But by Thursday, the once-mighty symbol of the nation's manufacturing strength had fallen into financial ruin, becoming the biggest U.S. city ever to file for bankruptcy — the result of a long, slow decline in population and auto manufacturing.
Although the filing had been feared for months, the path that lay ahead was still uncertain. Bankruptcy could mean laying off employees, selling off assets, raising fees and scaling back basic services such as trash collection and snow plowing, which have already been slashed...
07-19-2013, 03:46 PM #9
07-19-2013, 04:55 PM #10
my heart breaks for my city. I have a lot of family still living there, and while I dont worry for them (and maybe I should esp if they are losing important services) I just mourn for the city. What happened to you, Detroit? They don't make em like you anymore. Glad Chauncey Billups and Rasheed Wallace are back in town - it might give some people there some hope... something to look forward to once in a while anyway.
Quicken Loans is headquartered downtown and they seem to have such hope for the city. I used to say that everything cycles, and it will come back one day... but perhaps not in my lifetime.
O/T just me rambling... I often watch the "Detroit blight" videos on youtube, tears in my eyes. I decided to go try and find positive videos instead and did stumble on some good ones, thankfully. I love you, Detroit, you made me who I am today. So sorry and sad for you now."I arise in the morning torn between a desire to improve the world and a desire to enjoy the world. This makes it hard to plan the day."
- E. B. White
07-20-2013, 01:54 PM #11
No Washington bailout?
No signs Washington to come to Detroit's rescue
TOM RAUM, AP
42 minutes ago
WASHINGTON (AP) — During the bleakest days of the Great Recession, Congress agreed in bipartisan votes to bail out two of Detroit's biggest businesses, General Motors and Chrysler.
Today, however, there seems little appetite from either Democrats or Republicans in Washington for a federal rescue of the birthplace of the automobile industry. Detroit now stands as the largest American city ever to file for bankruptcy protection.
Such a bailout would be huge, perhaps as much as $20 billion. Federal resources are strained, with the national debt at $16.7 trillion and the federal government struggling under the constraints of automatic spending cuts that took effect in March.
President Barack Obama has had a hard enough time getting his present proposals though Congress, where Democrats hold a narrow majority in the Senate and Republicans are in firm control of the House.
"I think it would be a waste of the president's time to even propose it. His plate is so full and throwing Detroit into the mix is the last thing in the world he'd want," said Ross Baker, a political science professor at Rutgers University who specializes in Congress. "I think the era of big government bailouts is over." ...
07-20-2013, 02:01 PM #12The enemy is here. beware
- Join Date
- Jul 2008
That city's issues are not the Nations issues. jmo Let the chips fall where they may. That or get new people to do a better job.
You don't know what you don't know.
07-20-2013, 08:48 PM #13
I think the thing that bothers me most is those poor people who worked for the city for so many years and now their pensions are in jeopardy. Imagine being a police office in Detroit for 30 years (not an easy job, no doubt) and now you don't know if you have anything to live on. So sad.
I agree (even though I'm not American, so my opinion really doesn't count for anything) that the federal government shouldn't step in. If they did, then all municipalities would/could go hog wild on spending, with no concern about risk.
I hope the people of Detroit can stand with their heads held high. That city was great in its day, and there are so many wonderful people that call it home. If only it could rise again to live another day.Any man's death diminishes me,
Because I am involved in mankind,
Therefore, send not to know, for whom the bell tolls;
It tolls for thee.
07-21-2013, 09:19 AM #14Registered User
- Join Date
- Sep 2003
Could Detroit offer any abandoned house for free to any person capable of fixing it up? If the criminal activity is squashed and houses offered for free or a dollar I think people would move there. Upon retirement I would consider it. As a retiree I would have the time and money to fix up a house but I would not go any place I would not feel safe. Once these houses have been let out the property taxes would increase and fund city services.
07-21-2013, 06:05 PM #15Registered User
- Join Date
- Jul 2011
Other city & municipality bankruptcies
Late to the party (thread) here, but...
Numerous other cities and municipalities have declared bankruptcy, per wiki:
A few of the notable:
Stockton, California, June 28, 2012,
Jefferson County, Alabama, November 2011.
Orange County, California -1994
Now back to Detroit.
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