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Edited by NaLo:
7/18/2013 8:54:21 PM
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Detroit files for Chapter 9 bankruptcy, the largest municipal bankruptcy in US history
[url=http://www.scribd.com/doc/154577830/Detroit-s-Chapter-9-Bankruptcy-Filing][b]Detroit's Chapter 9 Bankruptcy Filling[/b][/url]
[quote]On Thursday, the city of Detroit filed for chapter 9 municipal bankruptcy. The city’s municipal emergency manger’s filing represents the largest bankruptcy in American history.
"The filing would begin a 30- to 90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer," the Detroit Free Press reports. "The bankruptcy petition would seek protection from creditors and unions who are renegotiating $18.5 billion in debt and other liabilities."
"This week, the city’s two pension funds (which have claims to $9.2 billion in unfunded pension and retiree health care liabilities) filed suit in state court to prevent [Detroit emergency manager Kevyn] Orr from slashing retiree benefits as part of a bankruptcy restructuring," they add.[/quote]
How the hell do you even end up with 18,5 billion dollars in debt!?
To put it in perspective North Korea's external debt is 12,5 billion!
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1 ReplyRidiculous American employee health coverage laws contributed to the downfall of Detroit. In it's heyday around the second world war, Ford and other car companies employed tens of thousands of workers at it's manufacturing plants. As the years passed and these workers retired, many of them with Ford-financed health-coverage, the car manufacturers were said to be hospitals that happened to make cars. This lead to a mass exodus of manufacturing plants to more margin-friendly international destinations and the rest is history.
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My dad is a lawyer involved in the negotiations. It's a messy situation.
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That's what happens when Kwame Kilpatrick spends $20,000 of taxpayer money to rent a Cadillac for a weekend... 14 times.
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Are you people suprised? Its detroit.
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The socialistic policies = debt Add time to it and the debt gets enormous.
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Lol, [i]Detroit.[/i]
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A disaster 50 years in the making. It's not surprising, the population has halved in the last 10 years, as the decline of the American car industry resulted in all the jobs flowing out, and thus all the people.
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5 RepliesMore lying from the so called Anointed One.
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We should buy Detroit
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That's what happens when you give away money to everyone...
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The only thing I'm surprised about is how long it took. There's a reason that Detroit is synonymous with crap.
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9 Replies....and Obama said that Romney would make sure Detroit went bankrupt. Yeah, I think you made sure Detroit went bankrupt Mr. President.
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Edited by DELIVER ME MEMES: 7/19/2013 11:45:54 PMRobocop 2, lol!!!
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dat black on black crime.
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Not surprising. Detroit is a shithole.
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Does this surprise anyone? Does it really?
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Meanwhile in Cleveland
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I once went to Detroit. I couldn't find a hotel, so I bought a neighborhood.
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inb4politics
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Corruption
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2 Replies>America >first world
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Edited by DeclinedA01: 7/18/2013 8:39:37 PMDammit. I posted this without looking to see if anyone else posted the same thing. OT: That's pretty bad.
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Damn. That's bad. Bout to see a modern day ghost town.
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Get up Everybody's gonna move their feet Get down Everybody's gonna leave their seat
