Bankruptcy
Dec. 12, 2013
What happens in Detroit...
The city's bankruptcy case should cause existing retirees in any city, county or municipality in the U.S. who are receiving pension benefits great concern. By Victor A. Sahn
On Dec. 5, U.S. Bankruptcy Judge Steven W. Rhodes issued a 143-page opinion which came to the conclusion that the city of Detroit is "insolvent," desires to effectuate a plan to adjust its debts, and filed its Chapter 9 bankruptcy petition in good faith. Accordingly, the objections of numerous parties were overruled and the city has had its order for relief entered.
Some of the facts that Rhodes noted were sobering - the city...
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