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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




udtiger
LSU Fan
Louisiana
Member since Nov 2006
36216 posts
 Online 

re: Detroit files for Chapter 9 bankruptcy
First of many...


Scruffy
USA Fan
Member since Jul 2011
43786 posts
 Online 

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.


kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
31347 posts

re: Detroit files for Chapter 9 bankruptcy
Yep, several cities and eventually the state of California will be next.


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
West Virginia Fan
BUGA Nation
Member since Jun 2009
27178 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
9015 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.


LSURussian
LSU Fan
Member since Feb 2005
90428 posts
 Online 

re: Detroit files for Chapter 9 bankruptcy
quote:

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


Lsut81
Chicago Cubs Fan
Member since Jun 2005
67068 posts

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?


kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
31347 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.


LSURussian
LSU Fan
Member since Feb 2005
90428 posts
 Online 

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
115871 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'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
12671 posts
 Online 

re: Detroit files for Chapter 9 bankruptcy
Pension boards tried to stop the bankruptcy.
LINK


constant cough
LSU Fan
Lafayette
Member since Jun 2007
44788 posts

re: Detroit files for Chapter 9 bankruptcy
Potown


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joeytiger
LSU Fan
Prairieville
Member since Jul 2012
4636 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
78542 posts

re: Detroit files for Chapter 9 bankruptcy


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ItNeverRains
LSU Fan
Franklin, TN
Member since Oct 2007
8603 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


CptBengal
USA Fan
BR Baby
Member since Dec 2007
52116 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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