News flash!!! Detroit bankrupt!!!! - Great Lakes 4x4. The largest offroad forum in the Midwest

Go Back   Great Lakes 4x4. The largest offroad forum in the Midwest > General 4x4 Stuff > Politics, Government, or Religion Chat
GL4x4 Live! GL4x4 Casino

Politics, Government, or Religion Chat Bring your flamesuit!

greatlakes4x4.com is the premier Great Lakes 4x4 Forum on the internet. Registered Users do not see the above ads.
Search
Reply
 
Thread Tools Search this Thread
Old July 18th, 2013, 07:12 PM   #1
SS
Doing stuff...and things.
 
SS's Avatar
 
Join Date: 12-12-05
Location: 48309
Posts: 12,105
iTrader: (14)
Mentioned: 53 Post(s)
Default News flash!!! Detroit bankrupt!!!!

zOMG!

Did NOT see this coming.
__________________
-Jer

Fallen GL4x4 Member's Family in Need!!

http://www.greatlakes4x4.com/showthread.php?t=301273

SS is offline   Reply With Quote
Sponsored Links
Advertisement
 
Old July 18th, 2013, 07:21 PM   #2
in2deep
Hole tester
 
Join Date: 05-06-10
Location: muskegon,mi
Posts: 1,280
iTrader: (3)
Mentioned: 1 Post(s)
Default

no way say it aint so, a great city like that wow
in2deep is offline   Reply With Quote
Old July 18th, 2013, 07:38 PM   #3
Ebs
Senior Member
 
Join Date: 11-06-05
Location: MI
Posts: 3,385
iTrader: (8)
Mentioned: 0 Post(s)
Default

Was curious what happens next, found an article:

Quote:
Detroit bankruptcy: 12 key points about what will happen next

Chapter 9 bankruptcy is poorly understood, in part because it happens so infrequently. Detroit’s case, filed today, is the largest in U.S. history.

Here’s what happens next:

■ Alice Batchelder, chief judge of the U.S. 6th Circuit Court of Appeals, will appoint a bankruptcy judge to oversee the city’s case.

■ The bankruptcy judge will determine where to hold hearings, which could take place in Detroit, Kentucky, Ohio or Tennessee.

■ An automatic stay will be issued on most of Detroit’s bills, including unsecured debts, said Ken Schneider, a bankruptcy attorney with Detroit-based Schneider Miller PC. The city will continue to pay secured creditors, including water and sewer bondholders, who have the right to seize city assets if Detroit fails to pay.

■ An automatic stay also will be issued on most lawsuits against the city, including outside challenges by pension officials and union members. This means hearings in those lawsuits will be indefinitely delayed. The plaintiffs can recast their arguments inside bankruptcy court, said Jay Welford, a bankruptcy attorney and partner at Southfield-based Jaffe Raitt Heuer & Weiss.

■ The city doesn’t need approval to continue services. For example, the police, fire, water, sewer and public works are unaffected by the bankruptcy filing for now and will operate as usual. However, cuts are possible in the future.

“You have the ability to use your cash,” Welford said. “You don’t need court approval.”

■ Creditors likely can challenge the city’s right to file for bankruptcy by issuing motions to dismiss the case.

■ In this case, bondholders and pension officials could accuse the city of failing to negotiate “in good faith,” one of the key criteria allowing the city to file for bankruptcy. The judge would hear arguments on this issue. A ruling could take days, weeks or months — perhaps even a year.

■ The city also will have to prove it is insolvent, another stipulation required to file for Chapter 9 bankruptcy. According to the federal bankruptcy code, this requires the city to prove that it is not paying its bills. Emergency manager Kevyn Orr recently authorized the city to stop making payments on some debts. Bankruptcy experts say they believe that action was enough to satisfy the insolvency requirement, but creditors may still find wiggle room to argue the city is not insolvent.

■ If the judge authorizes the city to move forward with a Chapter 9 bankruptcy case, Orr would propose a plan of reorganization. This could take weeks, months or years. Bankruptcy court allows the city to restructure its operations and its balance sheet. This could involve budget cuts, layoffs, consolidation, the sale of assets, slashing union contracts, selling assets and tically reducing city debts, including outstanding bonds.

■ The city will attempt to win support for the reorganization plan from creditors, including secured bondholders, general obligation bondholders, unions and pension boards. If the city wins enough support, the plan would be put to a vote — and with enough support, the city could emerge from bankruptcy. Without enough support, the judge could tell the city it must continue to negotiate with creditors.

Orr eventually may pursue a “cram down” procedure, which would require winning support of a minority of creditors and convincing a judge that dissenting creditors are not being reasonable. “We’ll probably get to that because I don’t see how creditors are going to accept what he’s talking about paying them,” Schneider said.

■ The length of the case is widely debated. Some experts say they believe it could be as short as several months. Others say it could take years. Most complex Chapter 9 cases have taken several years.

http://www.freep.com/article/20130718/NEWS01/307180118/
Ebs is offline   Reply With Quote
Old July 18th, 2013, 08:18 PM   #4
jimhri
Senior Member
 
jimhri's Avatar
 
Join Date: 09-17-07
Location: it's Tuesday so it must be Belguim
Posts: 3,341
iTrader: (3)
Mentioned: 2 Post(s)
Default

here's what's gonna happen next......grab your wallet, your bank account, etc and head for the hills......

A city official notably said the federal government should bail out Detroit, though the president has made no indication thatís a possibility.
qoute pulled from this article:====>http://detroit.cbslocal.com/2013/07/...d-come-friday/
jimhri is offline   Reply With Quote
Old July 18th, 2013, 08:35 PM   #5
cmetzg03
ΜΟΛΩΝ ΛΑΒΕ
 
cmetzg03's Avatar
 
Join Date: 04-30-11
Location: White Lake/roscommon
Posts: 7,953
iTrader: (8)
Mentioned: 32 Post(s)
Default

Who Didn't see that one coming in a city ran by libtards since 1962.
Click image for larger version

Name:	ImageUploadedByTapatalk 21374194114.069729.jpg
Views:	423
Size:	258.5 KB
ID:	108298
__________________
Quote:
Originally Posted by Sol Goode View Post
Man, this site was so much better before cmetzg03 joined
cmetzg03 is offline   Reply With Quote
Old July 18th, 2013, 09:58 PM   #6
howell_jeep
Last Free Man
 
howell_jeep's Avatar
 
Join Date: 02-09-06
Location: Howell Twp, MI 48836
Posts: 10,848
iTrader: (69)
Mentioned: 1 Post(s)
Default

No way! Da D be filing for da B? I blame the French. They built New Orleans, way below the sea level, ninjas move in, place gets flooded. Same with Detroit. French built it, ninjas move in, place goes bankrupt. Clearly a long-term sabotage of the frog eating fashionistas.
howell_jeep is offline   Reply With Quote
Old July 18th, 2013, 10:32 PM   #7
concreteguy82
Yeah Buddy!!
 
concreteguy82's Avatar
 
Join Date: 03-01-11
Location: Clio, Michigan
Posts: 2,974
iTrader: (4)
Mentioned: 3 Post(s)
Default

Quote:
Originally Posted by howell_jeep View Post
No way! Da D be filing for da B? I blame the French. They built New Orleans, way below the sea level, ninjas move in, place gets flooded. Same with Detroit. French built it, ninjas move in, place goes bankrupt. Clearly a long-term sabotage of the frog eating fashionistas.
concreteguy82 is offline   Reply With Quote
Old July 19th, 2013, 10:35 AM   #8
BlooMule
Jet powered
 
BlooMule's Avatar
 
Join Date: 11-08-05
Location: a mile from the shithole
Posts: 26,038
iTrader: (12)
Mentioned: 18 Post(s)
Default

It be da white man's fault!
__________________
-rw-rw-rw
BlooMule is offline   Reply With Quote
Old July 19th, 2013, 10:37 AM   #9
GreaseMonkey
Pew pew!
 
GreaseMonkey's Avatar
 
Join Date: 11-05-05
Location: Madison Heights, MI
Posts: 18,031
iTrader: (22)
Mentioned: 3 Post(s)
Default

I heard Omnicorp was looking at buying the city for redevelopment.
__________________
GreaseMonkey is offline   Reply With Quote
Old July 19th, 2013, 10:46 AM   #10
forbyefore
.
 
forbyefore's Avatar
 
Join Date: 08-14-07
Location: Bay City/AuGres, MI
Posts: 1,436
iTrader: (0)
Mentioned: 0 Post(s)
Default

Quote:
Originally Posted by GreaseMonkey View Post
I heard Omnicorp was looking at buying the city for redevelopment.


I had to google that....

http://www.omnicorp.com/
forbyefore is offline   Reply With Quote
Old July 19th, 2013, 10:55 AM   #11
cmetzg03
ΜΟΛΩΝ ΛΑΒΕ
 
cmetzg03's Avatar
 
Join Date: 04-30-11
Location: White Lake/roscommon
Posts: 7,953
iTrader: (8)
Mentioned: 32 Post(s)
Default

Click image for larger version

Name:	ImageUploadedByTapatalk 21374245750.214539.jpg
Views:	248
Size:	105.6 KB
ID:	108310
__________________
Quote:
Originally Posted by Sol Goode View Post
Man, this site was so much better before cmetzg03 joined
cmetzg03 is offline   Reply With Quote
Old July 20th, 2013, 06:23 PM   #12
cerial
Senior Member
 
cerial's Avatar
 
Join Date: 09-06-08
Location: Caledonia,MI
Posts: 1,760
iTrader: (3)
Mentioned: 4 Post(s)
Default

Guess there won't be any bonuses this year.
cerial is offline   Reply With Quote
Old July 21st, 2013, 01:05 AM   #13
oz97tj
Wasn't this attached?
 
oz97tj's Avatar
 
Join Date: 09-06-07
Location: Fenton, MI
Posts: 4,008
iTrader: (16)
Mentioned: 1 Post(s)
Default

Quote:
Originally Posted by cerial View Post
Guess there won't be any bonuses this year.
I bet there will be.
__________________
Support the sport. Join GLFWDA!
********GLFWDA.org********

Quote:
Originally Posted by Alter Ego View Post
Oz's Jeep is downright anti-bling.
Quote:
Originally Posted by Mr.Green again View Post
Will someone please argue with me?
oz97tj is offline   Reply With Quote
Reply
Great Lakes 4x4. The largest offroad forum in the Midwest > General 4x4 Stuff > Politics, Government, or Religion Chat

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 03:53 AM.


Powered by: vBulletin, Copyright ©2000 - 2012, Jelsoft Enterprises Ltd.
User Alert System provided by Advanced User Tagging (Lite) - vBulletin Mods & Addons Copyright © 2014 DragonByte Technologies Ltd. Runs best on HiVelocity Hosting.
Page generated in 0.24785 seconds with 61 queries