Detroit files for bankruptcy protection

[gotbeer]

Detroit files for bankruptcy protection

 

 

According to the Detroit Free Press, the city is renegotiating $18.5 billion in debt.

 

 

[Taylor]

The state of California is intrigued by this possibility.

[tdawg87]

We should trade Detroit for a mid level prospect.

[Spirit]

I though Obama already rescued Detroit?

[tdawg87]

If Obama had an American home town...

[arch stanton]

They should utilize those license plate readers and charge a tax to all the suburbanites that come in, take their money and run back to their happy homes.

[mtangelsfan]

We should trade Detroit for a mid level prospect.

 

Or just a bag of balls

[mtangelsfan]

They should utilize those license plate readers and charge a tax to all the suburbanites that come in, take their money and run back to their happy homes.

 

Then nobody would come to Detroit.

[Tank]

I'd be willing to trade Detroit and a CTBNL for Athens.

[Schildog]

CNBC â€@CNBC

2h

40% of Detroit's streetlights don't work: http://cnb.cx/13FbI16 

 

[gotbeer]

I'd be willing to trade Detroit and a CTBNL for Athens.

 

San Bernardino?

[Tank]

Done!

[fan_since79]

(not from The Onion)

 

Judge rules Detroit bankruptcy filing unconstitutional, saying it dishonors Obama.

 

http://www.detroitnews.com/article/20130719/METRO01/307190099/Ingham-County-judge-rules-Detroit-bankruptcy-withdrawn-Schuette-appeals

[gotbeer]

Just a hunch, but.  Because it slashes retirement benefits, it's illegal.  That law was put in by the Unions.  

[Taylor]

(not from The Onion)

 

Judge rules Detroit bankruptcy filing unconstitutional, saying it dishonors Obama.

 

http://www.detroitnews.com/article/20130719/METRO01/307190099/Ingham-County-judge-rules-Detroit-bankruptcy-withdrawn-Schuette-appeals

 

That lady looks like how I imagine some of the liberal posters here.

[mrwicked]

Just a hunch, but.  Because it slashes retirement benefits, it's illegal.  That law was put in by the Unions.  

 

better everyone get f*cked instead of already un-payable benefits go down a bit.

[Vegas Halo Fan]

Maybe Justin Verlander will buy the city after all. That would be the ultimate no-trade clause.

[fan_since79]

Just a hunch, but.  Because it slashes retirement benefits, it's illegal.  That law was put in by the Unions.  

What happens when there's no money to pay those retirement benefits? 

[Rico]

They have a great collection of art, including one of my favorite pieces The Nightmare.

 

http://en.wikipedia.org/wiki/The_Nightmare

 

That art deserves a greater audience.

[Spirit]

What happens when there's no money to pay those retirement benefits? 

 

 

I think they file for bankruptcy protection.

[arch stanton]

What happens when there's no money to pay those retirement benefits? 

You look the retired workers in the eye like Otter looked at Flounder and you say "You f*ed up. You trusted me". Then you pass on your obligation to the federal government.

[fan_since79]

I think they file for bankruptcy protection.

I got that, but the judge ruled the filing was illegal.

 

What's the next step here to preserve those pensions, because the city has no money to pay for them.

[Spirit]

No idea.  I was just being a smartass.

 

 

 

 

 

 

(I know ... shocking, right?)

[Splint7438]

If I recall correctly, Detroit has been under one party control since 1961. This is obviously not healthy regardless of which party it is. I once read that if we were completely left wing or completely right wing we can do nothing but go in circles. We need balance in order to go forward.

[gotbeer]

I got that, but the judge ruled the filing was illegal.

 

What's the next step here to preserve those pensions, because the city has no money to pay for them.

 

Almost thinking, that Chapter 11 might be the next step?  

 

Think they are going for Chapter 9, which is protection from creditors.  

 

I don't know, I'm just guessing.