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 […]

Jan 172014

Attorneys discuss Judge Rhodes rejection of Emergency Manager Kevyn Orr and Jones Day $169 Million sweetheart deal for Bank of America and UBS on Fox 2 News “Let It Rip”

Jan 172014
Detroit bankruptcy judge rejects deal with banks

Fox 2 News Headlines: Judge rejects deal with banks By DAVID EGGERT AND ED WHITE Associated Press LANSING, Mich. (AP) – A judge overseeing Detroit’s bankruptcy again rejected a deal Thursday to end a disastrous financial agreement with major banks, dealing a blow to officials who want to put the issue behind them as they […]

Jan 112014
EM Kevyn Orr cuts Detroit's 2014 budget by $95 million to pay "consultants"

EM Kevyn Orr needs to pay his “dumb, lazy, happy, and rich” consultants from Jones Day and Wall Street, so in late October, 2013, he cuts $95 million for his previously approved City of Detroit’s Budget for Fiscal Year 2014.  These cuts include very substantial cuts to Emergency Medical Services, Fire Protection, and other Public […]

Jan 062014
Jerome Goldberg questions EM Kevyn Orr over giveaway to Bank of America, UBS, on Jan. 3, 2014

Attorney Jerome Goldberg, appearing on behalf of City of Detroit retiree David Sole, questions Emergency Manager Kevyn Orr regarding the interest rate swaps deal, viewed by many as another gift to the very banks that destroyed Detroit’s neighborhoods using subprime mortgages and that have been charged and convicted of fraud of all sorts. Or click […]

Jan 032014
 Trial lifts lid on banks’ looting of Detroit

Kris Hamel, Detroit, December 30, 2013 Something unexpected happened in the city of Detroit bankruptcy case in court on Dec. 18. Judge Steven Rhodes adjourned the trial, which had been called to get approval for a settlement on “termination fees” that the city allegedly owes to Bank of America and United Bank of Switzerland. The […]