Detroit bankruptcy

9:13 pm
Tue May 20, 2014

Detroit Mayor Tells Lawmakers to Give City "Clear Path" out of State Control

Mike Duggan says money needed to pay pension debt is a one-time request
Lansing — Mayor Mike Duggan urged lawmakers Tuesday to give him more flexibility to escape state control of Detroit’s finances after the city emerges from bankruptcy. Testifying before a House committee considering $195 million in aid for pensions, Duggan also urged lawmakers to give City Council members a seat on a commission that would be dominated by Gov. Rick Snyder’s appointees.
8:31 pm
Mon May 19, 2014

Buildings and Trades Union is First to Agree to Contribute to "Grand Bargain"

House Speaker Jase Bolger calls union contribution "a huge step forward"
Federal mediators involved in Detroit's bankruptcy case said Monday that the Michigan Building and Construction Trades Council have agreed to contribute cash towards the city's "grand bargain," a term used to refer to set of agreements that will help the city emerge from bankruptcy.
5:03 pm
Fri May 16, 2014

Detroit Retirees Almost Agreed to Try to Force KIA Art Sale

The proposal fell apart a few months ago after the state stepped in.
Detroit retirees nearly joined with creditors last fall to try to force the sale of the Detroit Institute of Arts' masterpieces and other assets, but a pledge of millions from the state persuaded retirees to abandon the plan, according to interviews and confidential documents obtained by the Free Press.
6:42 am
Thu May 15, 2014

Former State Treasurer Working for Firm on Detroit Bankruptcy

Michigan ethics laws don't prohibit government officers from doing work with private businesses they had dealings with in public sector
Lansing The co-founder of a company with a $19 million contract to fix Detroits bureaucracy said Wednesday he would have been an idiot not to hire former state Treasurer Andy Dillon. Van Conway, CEO of Conway MacKenzie, denied Dillons contract work for the firm was influenced by the former treasurers role in getting the company work with the city while Dillon was overseeing Detroits financial crisis.
7:29 am
Wed May 14, 2014

Detroit Emergency Manager Says State Money Needed for "Grand Bargain"

Local and national foundations have agreed to contribute $366-million if settlement is reached
Detroit emergency manager Kevyn Orr on Tuesday pleaded with Lansing lawmakers to kick in $195 million in upfront cash as part of a 'Grand Bargain' to help resolve the city's historic Chapter 9 bankruptcy - while some of city's largest creditors devised strategies to block the fund meant to shore up pensions and protect DIA art from being sold to pay off debt.