Godlike Productions - Reply to Thread

Users Online Now: 2,132 (Who's On?)	Visitors Today: 1,124,482
Pageviews Today: 1,522,289	Threads Today: 394	Posts Today: 6,236
12:18 PM

REPLY TO THREAD

Subject oops... Detroits Creditors brace for haircuts or worse, at meeting to avoid bankruptcy.....10 cents on the dollar..UPDATE: DETROIT IS FUCKED

User Name

Font color: Font:

In accordance with industry accepted best practices we ask that users limit their copy / paste of copyrighted material to the relevant portions of the article you wish to discuss and no more than 50% of the source material, provide a link back to the original article and provide your original comments / criticism in your post with the article.

Original Message [link to www.cnbc.com] Historically, bondholders have not lost the principal amount owed them as a result of financial restructurings of major cities.

Local media reports say that Orr will push creditors in his restructuring report to take as little as 10 cents for each dollar the city owes. Orr's spokesman declined to comment on the reports.

INSURERS LIKELY FIRST TO NEGOTIATE

Unlike in corporate Chapter 11 bankruptcies, judges have more limited powers in a municipal Chapter 9 proceeding. A judge in a Detroit bankruptcy could not replace Orr, liquidate the city, or force it to sell assets or raise taxes.

FLASH BACK TO DECEMBER 2012

Pictures (click to insert)





\| Next Page >>