Its official!! Detroit is Bankrupt! Detroit files for largest municipal bankruptcy in US history

The squirrels did it

Detroit's creditors are expected to face huge losses, and the future of retiree pension and health benefits for thousands of city workers hangs in the balance.

Anticipating the filing on Thursday, investors drove prices of Detroit bonds and notes lower, sending their yields to record highs on Thursday.

In some respects, Detroit's legacy as a model for American innovation is at stake as well. Its crippled condition threatens to overwhelm its image as the home of Henry Ford's pioneering assembly line and Motown's 1960s soul-music hit machine. More recently, the city has become an incubator for efforts to repopulate and reinvigorate an urban relic of a bygone, industrial age.

New York, Cleveland and Philadelphia previously teetered on bankruptcy, but Detroit is the first major U.S. city to go over the edge.

It's really in a bad place now...




I have friends from there, they get emotional.

HOPE AN CHANGE!!

The filing by a state-appointed emergency manager means that if the bankruptcy filing is approved, city assets could be liquidated to satisfy demands for payment.
Kevin Orr, a bankruptcy expert, was hired by the state in March to lead Detroit out of a fiscal free-fall, and made the filing Thursday in federal bankruptcy court.
"Only one feasible path offers a way out," Gov. Rick Snyder said in a letter to Orr and state Treasurer Andy Dillon approving the bankruptcy. The letter was attached to the bankruptcy filing.


Read more: [link to www.foxnews.com]

Will this lead to more municipal bankruptcies?

This is just the tip, cities/counties/states are running on fumes. Next crisis will be govt financial chaos. Nobody is talking about it either. They will now.

It's ending up just like in the ROBOCOP movies.

One of the most important threads in glp history.

KEEP PINNED*!!!!

Get ready. Reserves are running out everywhere.


"I think you're looking at a very long and protracted bankruptcy," said Brad Coulter, a managing director at O'Keefe LLC, a turnaround consultancy in the Detroit area. "The fight that's taking place in Detroit is the fight that's going to take place around the country as other struggling cities and municipalities come to grips with major financial issues."

They wouldn't let me pin the first one ..had to go with this...somehow thought it might be important....thanks DF..you suck.

All lies Obama saved the auto industry and America with Detroit what are you people talking about he wouldn't stop talking about it during elections can't be lies! Plus I read it on the internets

But we were told that Detroit would only go bankrupt if we elected Romney for POTUS

Who runs Detroit now? Is their current government going to stay in place? Will creditors claim pieces of Detroit?

I sure as hell hope we don't have Chinese liens on property.

I have a terrible feeling that whoever or whatever is charge of Detroit after this, will be the first overt representative of the NWO. Or that we will quickly see through their false front.

[link to grist.org]

"Those citizens shouldn’t be expected to pick up the tab, but now might be a good time to rethink that $65,000 Robocop statue."

Maybe Dombrowski the Tigers owner should dump some change back into the city the is paying him for tickets to baseball games, he is near his deathbed and certainly spending enough money on his team might be a better legacy to prop the city up than win a world series.

how can a city be bankrupt ?

Obviously not too big to fail.

They are practicing for the bankruptcy of the US.

I left that piece of a shit city in the nick of time!

Detroit is for...nothing

Anymore

This is how RoboCop the movie started

On the other side of the bankruptcy is a debt-free
and downsized Detroit with a bright future.
Downtown Detroit is already home to more startups
than all of Texas.

They even got the a 10-Foot-Tall Robocop Statue, they are ready to accept their savior


[link to www.youtube.com (secure)]

Just like those Trump companies.
More debts than assets.

"If I had a city, it would look like Detroit" - Obama

[link to www.barackobama.com]

Romney wanted to—and would have—“let Detroit go bankrupt”

October 24, 2012


Click this link

rename it OBAMABURGH

Romney wanted Detroit to go bankrupt because it would have meant Detroit would have gotten a fresh start, that is what the Republican Governor is doing now

When Obama "bailed" out Detroit it was already bankrupted but Obama just made things worst for them, he added so many useless provisions