Mar 292013

Mark Niquette, ©2013 Bloomberg News, Published 6:07 am, Wednesday, March 26, 2013 March 26 (Bloomberg) — After firing 20 percent of its workers, doubling water rates and outsourcing trash collection, Flint, Michigan, has a balanced budget. It’s also approaching the point at which it can’t function as a city. That’s the assessment of Edward Kurtz, its emergency […]

 March 29, 2013  Posted by at 1:19 am Uncategorized Tagged with: ,  No Responses »
Mar 282013
Detroiters March In Cleveland, Tell Jones Day “GET OUT”

Posted on 03/27/2013 by Diane Bukowski, Voice of Detroit Jones Day is city’s “restructuring counsel” under EM Kevyn Orr  Clients include: Banks who hold most of city’s debt Major media, including McClatchy, which owns News and Freep Far right-wingers opposed to Voting Rights Act, contraception and abortion, corporate regulation The tobacco industry   By Diane Bukowski  […]

 March 28, 2013  Posted by at 4:34 am Uncategorized Tagged with: , ,  No Responses »
Mar 282013
 Stockton Creditors Dispute City’s Insolvency at Trial

By Steven Church & Jared Goyette – Mar 25, 2013, Bloomberg News Stockton, California, creditors asked a judge to end its bankruptcy case, saying at the start of a four-day trial that the city should cut excessive employee pay and pension benefits before seeking court protection. Creditors such as Assured Guaranty Corp. and Franklin Resources […]

 March 28, 2013  Posted by at 2:56 am Uncategorized Tagged with: , , ,  No Responses »
Mar 272013
The 'B' Word: Is Municipal Bankruptcy's Stigma Fading?

There’s a growing sense among some leaders that municipal bankruptcy — unthinkable just a few years ago — may be a valuable tool.   By: Liz Farmer, Governing, March 2013 Dan Keen knew what he was getting into. When he took the post of city manager of Vallejo, Calif., more than a year ago, Keen […]

 March 27, 2013  Posted by at 2:56 am Uncategorized Tagged with: ,  No Responses »
Mar 272013

Published: Monday, March 25, 2013 By DUSTIN BLITCHOK; Twitter: @SincerelyDustin The owners of office buildings next to the Phoenix Center who are suing to prevent the structure’s demolition claim an engineering report was altered by the city to make the condition of the structure appear worse than it really was. “We’re saying that […]

 March 27, 2013  Posted by at 1:55 am Uncategorized Tagged with: ,  No Responses »
Mar 242013
Double vision - Emergency Financial Manager

By Curt Guyette, Published: March 20, 2013, Metro Times As best as we can tell, there are two ways of looking at what happened last week when an emergency financial manager was appointed to take control of Detroit city government. For many — and we do mean many — the reaction was, essentially, “At last!” […]

 March 24, 2013  Posted by at 8:07 pm Uncategorized Tagged with: , ,  No Responses »
Mar 232013

From “Why These Municipal Bond Insurers Make Good Investments”, by Jeff Uscher, Contributing Writer, Money Morning, March 19, 2013 Municipal bond insurers guarantee the payment of interest and principal to investors if the city, county or state that issued the bond defaults. Just like any insurance policy, the issuer pays a premium to the insurer […]

 March 23, 2013  Posted by at 3:57 am Uncategorized Tagged with: ,  No Responses »
Mar 232013

By Steven Church – Mar 20, 2013, Bloomberg News The judge who will decide whether Stockton (3654MF), California, can remain in bankruptcy rejected two reports about the city’s finances by experts hired by creditors, saying they won’t help him in a trial that starts next week. U.S. Bankruptcy Judge Christopher M. Klein in Sacramento, California, […]

 March 23, 2013  Posted by at 3:28 am Uncategorized Tagged with: , , , ,  No Responses »