Detroit files for Chapter 9 bankruptcy | TigerDroppings.com

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Quentin Compson
LSU Fan
Member since Jun 2013
3117 posts

Detroit files for Chapter 9 bankruptcy


quote:

The city of Detroit filed the largest municipal bankruptcy case in U.S. history Thursday afternoon, culminating a decades-long slide that transformed the nation’s iconic industrial town into a model of urban decline crippled by population loss, a dwindling tax base and financial problems.

The 16-page petition was filed in U.S. Bankruptcy Court in Detroit.


popcorn








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udtiger
LSU Fan
Louisiana
Member since Nov 2006
23782 posts
 Online 

re: Detroit files for Chapter 9 bankruptcy


First of many...





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Scruffy
USA Fan
Member since Jul 2011
28861 posts

re: Detroit files for Chapter 9 bankruptcy


They really should just bulldoze a majority of the city and get everyone to live in a more centralized location. It is too large for its population size.





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kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
15767 posts

re: Detroit files for Chapter 9 bankruptcy


Yep, several cities and eventually the state of California will be next.





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Anodyne
LSU Fan
Member since Oct 2011
2162 posts

re: Detroit files for Chapter 9 bankruptcy


Obama saved Detroit...I think this story is false.





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Wild Thang
New Orleans Saints Fan
Who Dat Nation!!!! 438
Member since Jun 2009
21944 posts

re: Detroit files for Chapter 9 bankruptcy


The Democratic Party





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Beer Bryant
Alabama Fan
In a Hidden Bunker
Member since Jan 2012
8792 posts

re: Detroit files for Chapter 9 bankruptcy


Republicans fault.......somehow





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coolpapaboze
Penn Fan
Parts Unknown
Member since Dec 2006
7758 posts

re: Detroit files for Chapter 9 bankruptcy


It's going to be very interesting to see how the pension issue is settled here, given the state's constitutional provisions on protecting public worker pensions. I'm no lawyer, but if a precedent is set that allows a municipality to discharge, restructure, or reduce pension benefits, I could see the floodgates opening across the country for other cities and counties.





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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80158 posts

re: Detroit files for Chapter 9 bankruptcy


quote:

First of many...
Sadly, Detroit is not the first....






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Lsut81
USA Fan
Member since Jun 2005
63075 posts
 Online 

re: Detroit files for Chapter 9 bankruptcy


So whats the deal with the pensions? Will they be gutted as part of the bankruptcy or will they be protected?





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kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
15767 posts

re: Detroit files for Chapter 9 bankruptcy


quote:

So whats the deal with the pensions? Will they be gutted as part of the bankruptcy or will they be protected?


That will be the $64K question when it gets answered.






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
80158 posts

re: Detroit files for Chapter 9 bankruptcy


quote:

I could see the floodgates opening across the country for other cities and counties.






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RogerTheShrubber
LSU Fan
Juneau, AK
Member since Jan 2009
89583 posts
 Online 

re: Detroit files for Chapter 9 bankruptcy


quote:

So whats the deal with the pensions? Will they be gutted as part of the bankruptcy or will they be protected?


That's what I am wondering. Will be interesting to see what happens.






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Bunk Moreland
Michigan Fan
Detroit, MI.
Member since Dec 2010
5818 posts
 Online 

re: Detroit files for Chapter 9 bankruptcy


Pension boards tried to stop the bankruptcy.
LINK






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constant cough
LSU Fan
Lafayette
Member since Jun 2007
35361 posts

re: Detroit files for Chapter 9 bankruptcy


Potown





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joeytiger
LSU Fan
Denham Springs
Member since Jul 2012
3266 posts

re: Detroit files for Chapter 9 bankruptcy


This is what will happen to our entire country if the liberal economic policies are not contained. Forward!!!!!






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Zach
LSU Fan
Member since May 2005
62853 posts

re: Detroit files for Chapter 9 bankruptcy


Good news for this guy...







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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
6128 posts

re: Detroit files for Chapter 9 bankruptcy


quote:

Sadly, Detroit is not the first....


No, but the biggest by far, and from prosperity it had not long ago.

Sad sad day for USA






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CptBengal
USA Fan
BR Baby
Member since Dec 2007
37514 posts
 Online 

re: Detroit files for Chapter 9 bankruptcy


quote:

Pension boards tried to stop the bankruptcy.


of course they did






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BCSmess
LSU Fan
earth
Member since Jan 2013
440 posts

re: Detroit files for Chapter 9 bankruptcy


All the democratic glory holes..............





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