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 […]

Jan 022014
Kevin Orr: Go after Bank of America and UBS, not City of Detroit pensioners and city services

At a deposition this week, Emergency Manager Kevyn Orr testified that he had his attorneys draft a complaint against Bank of America and UBS charging them with fraud, unjust enrichment and breach of contract among other counts in connection with placing the City of Detroit in interest rate swaps that have cost the city hundreds […]

Dec 282013
Chrysler Bankruptcy - only 29 cents to secured creditors

In the 2009 Chrysler bankruptcy, secured creditors, first in line for repayment, ultimately received 29 cents on the dollar.  This was still too much since the debt was trading for around 15 cents on the dollar.  Jones Day, including Kevyn Orr, represented Chrysler in the bankruptcy. For details, see Chrysler: Grand theft auto – Bankruptcy […]

Dec 232013
CNN Opinion: What Bled Detroit Dry? It’s Not Pensions

by Diane Bukowski, Voice of Detroit, Dec. 21, 2013 Stripping Detroit’s workers of their modest pensions will kill middle class Most pensions are $19,000 year; $30,000 a year for police and firefighters Culprits are sky-high financial costs, corporate subsidies, tax loopholes Detroit bankruptcy caused by same dynamics creating inequality in the nation Ross Eisenbrey By […]

Dec 222013
Detroit Barclays Deal Should Be Thrown Out by Bankruptcy Court

By Abayomi Azikiwe Editor, Pan-African News Wire This is one of the most outrageous deals involved in the Detroit economic crisis. Why should tax dollars from income and casino revenue be pledged to pay Bank of America and UBS, two crooked financial institutions that have done nothing but create blight and misery for the people […]