Detroit files for Chapter 9 bankruptcy | Page 5 | TigerDroppings.com
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catholictigerfan
LSU Fan
Member since Oct 2009
43107 posts

re: Detroit files for Chapter 9 bankruptcy

blame it on bush


sandjunky
New Orleans Saints Fan
A place called the Queen City
Member since Dec 2007
362 posts

re: Detroit files for Chapter 9 bankruptcy


LSUGrrrl
LSU Fan
Frisco, TX
Member since Jul 2007
6968 posts

re: Detroit files for Chapter 9 bankruptcy
OUCH!


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RCDfan1950
LSU Fan
United States
Member since Feb 2007
12204 posts

re: Detroit files for Chapter 9 bankruptcy
Does anybody know where the CURRENT payout monies come from? At what point do the pension checks bounce?

And you can book it that Obama will get involved; forget the Law on the books, GM a prime example. This whole thing is going to come down to a State's Rights standoff, with the folks in States with solvent pension funds drawing a line against having their lumped into those States that are insolvent.

Anybody that lives in one of those shaky States and is counting on their pension...is in bad trouble. A shame. A lot of hard-working and honest old folk are going to get slammed.

Wickedness in high places.


Chrome
LSU Fan
Walker, La
Member since Nov 2007
3214 posts

re: Detroit files for Chapter 9 bankruptcy
quote:

sandjunky


A heart warming video


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kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
22382 posts

re: Detroit files for Chapter 9 bankruptcy
quote:

Detroit was built by Capitalism, and destroyed by Socialism.


Happening to America before our eyes.


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TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
24038 posts

re: Detroit files for Chapter 9 bankruptcy
quote:

So if the bankruptcy laws permit pensions to be gutted for pennies on the dollar, it doesn't matter what the Michigan Constitution says. This is one of the areas where Federal law trumps state laws and does so fully within the provisions of the United States Constitution.



but do bankruptcy laws nullify the State's consitutional guarantee?


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GABlueDog
LSU Fan
Marietta, GA
Member since Dec 2008
8045 posts

re: Detroit files for Chapter 9 bankruptcy
quote:

Let this be a lesson to anyone who thinks paying less taxes is the solution to economic woes.

Oh for f#ck's sake.

Sometimes a statement like this makes me think we are doomed.


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AUin02
Auburn Fan
Member since Jan 2012
3118 posts

re: Detroit files for Chapter 9 bankruptcy


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AUin02
Auburn Fan
Member since Jan 2012
3118 posts

re: Detroit files for Chapter 9 bankruptcy
Image: http://stevengoddard.files.wordpress.com/2013/05/screenhunter_182-may-13-07-45.jpg


quote:

Your move Mr. President


Pfft, this from the same dude who "drew a redline" over Syria? Bitch please.






quote:

“Our people in an overwhelming way supported the re-election of this president and there ought to be a quid pro quo and you ought to exercise leadership on that,” she said



Wait frick they vote Democrat.



And I posted right after myself gah
This post was edited on 7/18 at 11:10 pm


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coolpapaboze
Penn Fan
Parts Unknown
Member since Dec 2006
8441 posts

re: Detroit files for Chapter 9 bankruptcy
quote:

Does anybody know where the CURRENT payout monies come from? At what point do the pension checks bounce?

The payments come from the corpus of the pension fund, which is legally a trust. I think the bankruptcy issue is that the city is required to make contributions to the trust annually, to be invested to fund future benefits. The required contribution, according to their actuary, is about 23% of payroll. I think in bankruptcy, the city will try to reduce future benefits, which will reduce their liability and hence reduce the required payments.


Bunk Moreland
Michigan Fan
Detroit, MI.
Member since Dec 2010
8132 posts

re: Detroit files for Chapter 9 bankruptcy
I just heard on the radio that the pension funds previously sued the City to get payments and are unsecured creditors, but obtaining a judgment could make them secured (that part doesn't make sense to me).


TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
24038 posts

re: Detroit files for Chapter 9 bankruptcy
quote:

I just heard on the radio that the pension funds previously sued the City to get payments and are unsecured creditors, but obtaining a judgment could make them secured


The pension funds actually didn't sue the city yesterday, they sued the emergency manager & Gov. Had they sued the city it would have been stayed until after ban, instead they got a restraining order and will get full benefits until the judge rules on the case.


upgrayedd
Louisiana Tech Fan
Further on up the road
Member since Mar 2013
12944 posts
Online

re: Detroit files for Chapter 9 bankruptcy
I wish I had some money to throw around so I could start buying up huge chunks of that city. Am I the only one that sees all this as a great opportunity to turn that place around and make some huge $$?


dewster
Vanderbilt Fan
Member since Aug 2006
9772 posts

re: Detroit files for Chapter 9 bankruptcy
quote:

Am I the only one that sees all this as a great opportunity to turn that place around and make some huge $$?


If they can get out of their pension obligations and lower tax rates while improving public services....maybe. The city would also have to keep from reverting to the same policies that killed it.

We may die of old age before an investment like that pays off though.


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dewster
Vanderbilt Fan
Member since Aug 2006
9772 posts

re: Detroit files for Chapter 9 bankruptcy
quote:

just heard on the radio that the pension funds previously sued the City to get payments and are unsecured creditors, but obtaining a judgment could make them secured (that part doesn't make sense to me).


That's kind of screwed up....allowing them to move to the front of the line?

The feds did that for the UAW pension trust after GM declared bankruptcy. We could have wiped out the UAW but they supported the right people politically and got the taxpayers to fund their pension.

This was all going on while I drained my retirement savings to live on in 2009. My company must not have had the political connections. I'll never get over the UAW bail out.
This post was edited on 7/19 at 11:41 am


TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
24038 posts

re: Detroit files for Chapter 9 bankruptcy
quote:

That's kind of screwed up....allowing them to move to the front of the line?


I think what they are saying is that they shouldn't be in line.


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CarrolltonTiger
LSU Fan
New Orleans
Member since Aug 2005
46700 posts

re: Detroit files for Chapter 9 bankruptcy
quote:

instead they got a restraining order and will get full benefits until the judge rules on the case.


Does Detroit actually have the money to continue to pay the benefits?


TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
24038 posts

re: Detroit files for Chapter 9 bankruptcy
If they do it, it won't be for much longer.


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moneyg
LSU Fan
Member since Jun 2006
21015 posts

re: Detroit files for Chapter 9 bankruptcy
quote:

Way to paint a broad brush of everyone in Detroit.



He didn't say everyone...just enough to destroy the city.


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