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Re: Judge Allows Detroit Bankruptcy to Go Forward

By: oldCADuser in FFFT | Recommend this post (0)
Wed, 04 Dec 13 1:06 AM | 41 view(s)
Boardmark this board | Food For Further Thought 		Msg. 58524 of 65535
(This msg. is a reply to 58521 by clo)
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And the rumor is that the governor is going to order that the Detroit Institute of Art start selling off its 'assets' to rich collectors and investors. After all, what do the residents of Detroit need with all that art in the first place. It's not like it was there for these sorts of people to enjoy or for their schools to have access to. I mean, have you seen what the average Detroit resident even looks like? Do you really think that people like that even deserve to have an art collection held in public trust for them? Give me a break...

http://www.latimes.com/entertainment/arts/culture/la-et-cm-detroit-institute-of-art-20131127,0,2117613.story#axzz2mRYYykZb




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The above is a reply to the following message:
Judge Allows Detroit Bankruptcy to Go Forward
By: clo in FFFT
Wed, 04 Dec 13 12:32 AM 		Msg. 58521 of 65535

Judge Allows Detroit Bankruptcy to Go Forward

DETROIT – The struggling metropolis of Detroit, overwhelmed by debt and groping for a path forward, on Tuesday became the largest American city ever to qualify for bankruptcy protection.

Under a ruling by Judge Steven W. Rhodes of the United States Bankruptcy Court, the vastly diminished city, once the nation’s fourth largest and the cradle of the American auto industry, will now be allowed to search for a way to pay off some portion of its debts and restore essential services to tolerable levels under court supervision. The goal, according to an emergency manager appointed by the state of Michigan, is to emerge next year from court protection with a formal plan for starting over.

“This once proud and prosperous city cannot pay its debts. It is insolvent. It’s eligible for bankruptcy,” Judge Rhodes said Tuesday. “But it also has an opportunity for a fresh start.”

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http://www.nytimes.com/2013/12/04/us/detroit-bankruptcy-ruling.html?emc=edit_na_20131203


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