Detroit bankruptcy

7:54 pm
Mon September 9, 2013

State argues Snyder should not be required to testify in lawsuit over Detroit bankruptcy

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Unions wants governor and other officials to give deposition
Testimony by Gov. Rick Snyder and other state officials on Detroit's eligibility for bankruptcy is not relevant and involves privileged information, the Attorney General's office said in a document filed late Monday in advance of Tuesday's hearing on the matter. U.S. Bankruptcy Judge Stephen Rhodes at 10 a.m.
9:22 pm
Mon September 2, 2013

Pension obligations for Battle Creek and Calhoun County not fully funded, but not as dire as Detroit's

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Calhoun County Administrator says recovery continues from 2008 stock market crash
Employee pension plans in Battle Creek and Calhoun County, like Detroit, aren't fully funded, but officials say they're confident the two governments aren't not facing pension-funding debacle crippling the Motor City. "We have the same scenario that everyone does with the stock market," said Calhoun County Administrator Kelli Scott.
10:38 am
Tue August 27, 2013

Judge says Detroit pensioners must wait

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But Judge Steven Rhodes says the arguments of unions and retired city workers are important and should be heard as the nation's largest municipal bankruptcy moves forward.
Detroit - A federal judge on Monday delayed hearing objections to Detroit's bankruptcy case based on arguments the city wants to slash vested pension benefits in violation of the state constitution. U.S. Bankruptcy Judge Steven Rhodes said those challenges could be raised after he decides whether the city is eligible for bankruptcy relief, perhaps once the city files a plan to adjust Detroit's $18.5 billion debt.
6:42 am
Fri August 16, 2013

DIA petition drive begins

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Organizers say they have collected at least 2,143 signatures with a goal of 3,000., the left-leaning political organization that helped elect President Obama in 2008, has launched a petition drive imploring the president to declare the imperiled Detroit Institute of Arts a national monument. The hope is that such a designation would immunize the museum's collection from sale to pay off Detroit's debts in the bankruptcy proceedings.
6:16 am
Fri August 9, 2013

Detroit bankruptcy delays municipal bond sales

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Battle Creek is among the municipalities that have delayed issuing bonds
A third Michigan local government has postponed a bond sale, amid concerns Detroit's bankruptcy filing will change the rules of the municipal bond game and make it more expensive for communities to borrow money. Saginaw County, with 198,353 residents in mid-Michigan, delayed a $60.5 million pension bond sale on Thursday because investors were seeking higher interest rates.