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Detroit Defaults : Swingers Discussion 223593
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TOPIC: Detroit Defaults
Created by: vabeachcouple33
Original Starting post for this thread:
Detroit defaulted on some debt on Friday and proposed that creditors take a drastic cut in the money they are owed by the city in order to avoid the largest municipal bankruptcy filing in U.S. history.

In a meeting with creditors, Detroit Emergency Manager Kevyn Orr announced a moratorium on principal and interest payments on the city's unsecured debt, and for the first time presented a detailed proposal calling on the holders of nearly $17 billion in Detroit debt to make substantial concessions.

Under his proposal, Orr said unsecured debt holders would be paid less than 10 cents on the dollar, but some creditors would get a bit more based on city revenue.

Orr said the city was "insolvent" and needed shared sacrifices from everyone, including debt holders, to have any hope of a revival.

He announced the moratorium on principal and interest payments, including skipping a $34 million payment on pension certificates of participation due on Friday, to allow the city to conserve cash needed to provide services to residents.

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Whatever you say Steve.

Rayne LA
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Mickey, Mickey, Mickey, you just didn't want to listen to someone that has lived here for 54 years or do some research?

W Bloomfield MI
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They Detroit did this to themselves,, Its called GREED.

Mickey.

Rayne LA
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Everyone who holds any kind of debt for Detroit is getting screwed. Banks, pensions, everyone. It is inevitable.

Chesapeake VA
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Correct, the city of Detroit is being run by an appointed emergency manager making the mayor powerless until the EM is done, 18 months total maybe another 15 to go.

Some interesting articles on workers taking it up the a%% while some of the larger banks in the world have been granted preferred status to get their money first.

Oh by the way, Michigan voters overturned the EM crap in the last election, but they just carried on like the vote never took place.

W Bloomfield MI
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Vabeach:

If I am not mistaken, wasn't the city government taken over by the state? Didn't the start republicans impose a Czar to control the finances of the city? To dictate to the people what the government will do, not what their votes say will happen?

I know that two republican lead states did this to a few bankrupt cities already. CNN had a long report on it a while back.

Hazle Township PA
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Detroit is fucked.

As for turnout and the Mayoral election, in one sense it's less important than ever. The new Mayor will have very few options and in many ways will be just along for the ride with not much to say about driving the bus.

Belle Chasse LA
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Detroit held its mayoral primary yesterday. Detroit has an interesting system for electing the mayor - candidates are listed without reference to political party, and the top 2 candidates proceed to a final election in November.

The preliminary result is that 53% of the vote went to write-in candidate Mike Duggan. If he is elected he would be the first white mayor of Detroit in decades. Voter turnout was a stunning 17%.

So have Detroiters simply given up? 17% voter turnout? I realize it's a primary, but it's a little different than normal "primaries", and I would hope the people of Detroit are more interested than normally in their city government.

Chesapeake VA
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Very Interesting VAB.

It's great to see the local maps, where people have a better understanding of the business climate.

Pittsburgh PA
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Sort of along these lines.... I think this is interesting. Play with it.

w ww.howmoneywalks.c om/web-app/

Chesapeake VA
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TOPIC: Detroit Defaults