Emergency Manager

Emergency Manager or Emergency Financial Manager

May 112014
 
No Housing Recovery in Detroit, says Haas Institute report

Foreclosures and underwater homes still a crisis in Detroit The report entitled “Underwater America: How the So-Called Housing Recovery is Bypassing Many Communities”,  released by the Haas Institute on Thursday, May 8, clearly shows that the foreclosure crisis continues to ravish communities of color and that Detroit continues to be amongst the hardest-hit cities.  The […]

May 082014
 
Detroit May Day: ‘Make the banks pay!’

By Abayomi Azikiwe, May 7, 2014 May Day in Detroit focused around the ongoing struggle against emergency management, the forced city bankruptcy and the role of the banks in the economic crisis. A coalition of 35 organizations, including the Moratorium NOW! Coalition, Detroiters Resisting Emergency Management, the local chapter of National Action Network, the Rosa […]

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 302014
 

By Diane Bukowski, Voice of Detroit, March 27, 2014 DETROIT — Over 200 retirees and other Detroiters have already filed profound and moving individual objections to Detroit Emergency Manager Kevyn Orr’s austerity plan for Detroit retirees and residents in bankruptcy court.  Continue at Voice of Detroit

Mar 222014
 

By Kris Hamel Detroit, March 16 — The last day to file objections to the city of Detroit’s austerity “Plan of Adjustment” in its bankruptcy case is April 1. Organizers with the Moratorium NOW! Coalition and Stop Theft of Our Pensions Committee are holding a meeting March 17 to help city residents, workers, retirees and […]

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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
 
Detroit's big maybe.

by ACLU of Michigan on Feb 25, 2014   By Curt Guyette, Investigative Reporter What can be said with absolute certainty about the so-called plan of adjustment Detroit Emergency Manager Kevyn Orr released last week? Almost nothing. It is a plan built on a mountain of ifs.According to a summary of the plan, “police and […]

Mar 052014
 
Detroit bankruptcy plan puts buzzsaw to pension benefits

Complicated bailout also offers contribution break for city until 2023 By Kevin Olsen, Pensions & Investments, March 3, 2014 Detroit’s state-appointed emergency manager sliced into the accrued benefits of pension fund participants in a plan of adjustment filed in U.S. Bankruptcy Court on Feb. 21, while the city would not be required to make any […]