Detroit insolvency: who will end up owning the debt? | TigerDroppings.com

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mahdragonz
LSU Fan
Member since Jun 2013
687 posts

Detroit insolvency: who will end up owning the debt?


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quote:

Not everyone agrees how much Detroit owes, but Kevyn D. Orr, the emergency manager, has said the debt is likely to be $18 billion and perhaps as much as $20 billion.


With debt comes debt purchasers. Who or what do you think will end up being the ultimate owner of the debts?

Detroit, despite it's motor city legend, is geographically a strategically ideal city for a corporation or foreign country to have a strong presence in.

With the land grab that's going on, I see Detroit becoming another company town, maybe something from China. Send scores of workers to the US, learn to speak English, etc.



This post was edited on 7/19 at 4:12 pm



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TrueTiger
LSU Fan
Chicken's most valuable
Member since Sep 2004
9887 posts

re: Detroit insolvency: who will end up owning the debt?


At the moment I'm thinking, me.

I'm a taxpayer.






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Volvagia
LSU Fan
Baton Rouge
Member since Mar 2006
40246 posts

re: Detroit insolvency: who will end up owning the debt?


Obligatory Posting:







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BigJim
LSU Fan
Baton Rouge
Member since Jan 2010
2287 posts

re: Detroit insolvency: who will end up owning the debt?


quote:

With debt comes debt purchasers. Who or what do you think will end up being the ultimate owner of the debts?


What do you mean by "owner of the debt?" Do you mean creditor?

quote:

Detroit, despite it's motor city legend, is geographically a strategically ideal city for a corporation or foreign country to have a strong presence in.

With the land grab that's going on, I see Detroit becoming another company town, maybe something from China. Send scores of workers to the US, learn to speak English, etc


Huh?






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TupeloTiger
LSU Fan
Tupelo,Ms.[via Bastrop,La.]
Member since Jul 2004
2725 posts

re: Detroit insolvency: who will end up owning the debt?


We will. Obama will bail them out soon, maybe next week. Give Detroit to the illegal immigrants. Let them have the closed/boarded up buildings to repair out of their on pocket. Pass new low property taxes they can pay and rebuild Detroit at no cost to the USA. I saw Mexican immigrants do this near Dallas and Houston and the Viet Nam refugees in New Orleans. They build their on commerce and survive on their own, with no welfare and food stamps, etc.


This post was edited on 7/19 at 7:13 pm


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Bestbank Tiger
Tulane Fan
Landmass
Member since Jan 2005
19082 posts
 Online 

re: Detroit insolvency: who will end up owning the debt?


Another good possibility: Clear out some of the vacant neigborhoods and build a refinery. Give nearby houses to workers who come to Detroit to work there and to contractors who come to work on the houses.





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CarrolltonTiger
LSU Fan
New Orleans
Member since Aug 2005
46281 posts

re: Detroit insolvency: who will end up owning the debt?


Does anyone actually want to put another refinery in the Detroit city limits? Are there people that really want to live nearby a refinery in an industrial area that have a choice about the matter?





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CajunAngele
LSU Fan
Member since Oct 2012
11168 posts

re: Detroit insolvency: who will end up owning the debt?



Probably the same people that pay for Michelle Obama's official Beyonce concerts.

LINK






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Brosef Stalin
LSU Fan
Member since Dec 2011
7662 posts

re: Detroit insolvency: who will end up owning the debt?


Sell the city to Canada.





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CarrolltonTiger
LSU Fan
New Orleans
Member since Aug 2005
46281 posts

re: Detroit insolvency: who will end up owning the debt?


quote:

Sell the city to Canada.


You would have to pay Canada to take it.






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Zahrim
Colorado Fan
McCamey Texas
Member since Mar 2009
4450 posts

re: Detroit insolvency: who will end up owning the debt?


quote:

You would have to pay Canada to take it.




holy sweet Jesus mother of god for the first time ever not only do I agree with CT but my liberal Canadian wife does too....






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Interception
Providence Fan
Member since Nov 2008
11089 posts

re: Detroit insolvency: who will end up owning the debt?




I believe state law states Detroit must pay back the muni bond holders but federal law may step in at one point and force uninsured bond holders to take a haircut. I know at one point the bond rates were ~15% because its a risky investment. I'm sure negotiations over the structure of a long term payment and rate plan will have to be agreed upon by local officials/ bond holders/ unions



This post was edited on 7/19 at 9:17 pm


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Placebeaux
LSU Fan
One man's LOL is another man's WTF
Member since Jun 2008
23490 posts

re: Detroit insolvency: who will end up owning the debt?


The federal reserve bank will buy this debt and we will pay for it plus interest in taxes.





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GeauxWrek
USA Fan
Somewhere b/w Houston and BR
Member since Sep 2010
2610 posts

re: Detroit insolvency: who will end up owning the debt?


Ford needs to pull a raising canes and get the hell out of sunk ship. Head for greener pastures in TX.





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Dark Tiger
LSU Fan
Member since Sep 2006
4494 posts

re: Detroit insolvency: who will end up owning the debt?


If Obama had a city, it would look like Detroit...





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4LSU2
LSU Fan
Madisonville
Member since Dec 2009
21314 posts

re: Detroit insolvency: who will end up owning the debt?


quote:

If Obama had a city, it would look like Detroit...


B

I

N

G

O







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llfshoals
Alabama Fan
Member since Nov 2010
1397 posts

re: Detroit insolvency: who will end up owning the debt?


quote:

At the moment I'm thinking, me.

I'm a taxpayer.


I expect this will be the correct answer.






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