Bank of America-Merrill Lynch

Apr 182014
 
Judge says Detroiters owe banks $85 million

By Abayomi Azikiwe, April 17, 2014 The ruling on April 11 in the Detroit municipal bankruptcy by Federal Bankruptcy Court Judge Steven Rhodes awarded an $85 million payment to two banks that are heavily implicated in the financial ruin of Detroit and other cities throughout the United States. Rhodes ruled that the third negotiated attempt […]

Mar 052014
 
Swaps, COPs & Lingering Questions

Good description of Certificates of Participation and other terms in the Detroit Bankruptcy. Curt Guyette, Investigative Reporter, ACLU of Michigan, February 5, 2014 In 2005, the city of Detroit faced a monumental dilemma: It desperately needed to borrow more than $1.4 billion to help shore up its two pension systems, but doing so would far […]

Mar 052014
 
What's In Detroit's Latest Derivatives Settlement Proposal?

By Wallace Turbeville, Demos, March 4, 2014 The proposal includes a new provision … releasing the bank counterparties from liability in deals related to, but different from, the swaps. There may even be other undisclosed concessions in the settlement. Maybe this new settlement is not an improvement after all. The Detroit Emergency Manager, Kevyn Orr, […]

Feb 242014
 
Repair the Water Main Breaks – Make The Banks Pay!

Every day there is a new water main break caused by the pressure on the Detroit Water & Sewerage Department’s (DWSD) infrastructure by the freezing winter.  The press and Emergency Manager are using these breaks to justify the giveaway of the DWSD to suburban controlled entities, and as an excuse for privatizing the workforce and […]

Jan 282014
 
 Court nixes giveaway to banks

By Kris Hamel, January 27, 2014 Detroit — In what the corporate media have called a “stunning blow” to Wall Street, two of the biggest capitalist banks have been barred from making a deal that would take an additional $165 million from the people of Detroit. The ruling by a federal bankruptcy judge also prevents […]

Jan 182014
 

by Wallace Turbeville, Demos,  January 17, 2014 Just three days before Kevyn Orr, the Emergency Manger appointed by Michigan Governor Snyder to run the fiscally strapped City, filed the largest municipal bankruptcy case in history, he signed a Forbearance Agreement with UBS and Bank of America/Merrill Lynch establishing a process to settle possible claims on […]

Jan 172014
 
Judge Rules “Detroit” is Trying To Give Banks ‘TOO Much Money’

By Alan Pyke, Think Progress,  January 16, 2014 A judge rejected Detroit’s second attempt to resolve one key piece of its unpayable debts on Thursday, saying that a renegotiated deal with two Wall Street banks was still “just too much money.” Saying that his court “will not participate [in] or perpetuate hasty and imprudent financial […]

Jan 172014
 
 Hear U.S. Bankruptcy Judge Steven Rhodes ruling rejecting swaps settlement

Hear U.S. Bankruptcy Judge reject the swaps settlement negotiated by Emergency Manager Kevin Orr and Jones Day on behalf of Bank of America merril Lynch and UBS. Or click here: 14Jan16 Rhodes decision 2bk2013-53846_1162014-20044-PM

Jan 172014
 
Attorney Jerome Goldberg summation in the swaps bankruptcy hearing, January 13, 2014

Listen to Attorney Jerome Goldberg, representing City of Detroit retiree David Sole, argue why the Emergency Manager’s sweetheart deal for Bank of America Merrill Lynch and UBS to terminate the pension-related swaps must be rejected, on January 13, 2013. Or click here: 14Jan13 Goldberg closing pm 2bk2013-53846_1132014-13031-PM

Jan 172014
 
Court rules against giveaway to banks in Detroit

by Kris Hamel, January 16, 2014 Detroit,  Jan. 16 — With a decision community activists called “a major victory for the people of Detroit,” U.S. Bankruptcy Court Judge Steven Rhodes ruled today that the City of Detroit could not go forward with its loan deal with Barclays Bank that would have cost the city millions […]