Socialist democrats destroy Detroit

Socialist democrats destroy Detroit

Posted in the Hayti Forum

“Radical Islam! Radical Islam! ”

Since: Mar 08

Location hidden

#1 Jul 19, 2013
Business Insider

Detroit has filed for bankruptcy, the AP's Ken Thomas reports. The full filing can be found below.

"Right now, the City cannot meet its basic obligations to its citizens," Gov. Rick Snyder, who signed off on the filing, said in the petition. He added, "Right now, the City cannot meet its obligations to creditors."

This means a judge will now have to sort out which entities Detroit owes money to will get their money back.

The move proved inevitable after two municipal pension funds sued city emergency manager Kevyn Orr.

It's the largest municipal bankruptcy in U.S. history, dwarfing Jefferson County, Ala.'s $3.1 billion sewage district restructuring.

In June 2012, the City of Stockton became the largest-ever city to file for bankruptcy, at the time.

The Motor City faces $20 billion of long-term liabilities. The Wall Street Journal's Matt Dillon says those holding onto $11 billion in unsecured debt are basically staring into the abyss, facing the prospect of getting next to nothing from the city's obligations.

The pension funds want to block Orr's attempt to drastically reduce the amount of benefits owed to current and former city workers.

The funds are fully aware that they could still face such cuts even if the city is forced to go to court, but say they'd prefer to fight the cuts there. Here's the Freep's cut from their suit:

It appears imminent the governor will grant the emergency manager the unconditional power to proceed under Chapter 9 (bankruptcy) and the emergency manager will seek to have the cityís pension debts impaired pursuant to Chapter 9 unless the retirement systems and their participants accept the emergency managerís unilateral imposition of significant impairments to their accrued financial retirement plans.
Jerry

Stroudsburg, PA

#2 Jul 19, 2013
guess that bail out to the auto makers didnt help Detroit!!!

“Radical Islam! Radical Islam! ”

Since: Mar 08

Location hidden

#3 Jul 20, 2013
The list of those owed includes the names of all of the cityís active employees and its retirees, a list of properties that have tax claims with the city, numerous bondholders, business creditors and companies that insured Detroit debt.

The largest creditor is the city's general pension scheme, which is owed $2 billion.

Two billion dollars in pensions...

I hope the federal government doesn't throw any of our tax dollars into this corrupt, mismanaged, democratic party black hole.
guest

Saint Louis, MO

#4 Jul 20, 2013
Add this to the list of failures of this incompetent president:

http://www.cbsnews.com/8301-250_162-57531867/...
guest

Dyersburg, TN

#5 Jul 20, 2013
ComradeWinston wrote:
Business Insider
Detroit has filed for bankruptcy, the AP's Ken Thomas reports. The full filing can be found below.
"Right now, the City cannot meet its basic obligations to its citizens," Gov. Rick Snyder, who signed off on the filing, said in the petition. He added, "Right now, the City cannot meet its obligations to creditors."
This means a judge will now have to sort out which entities Detroit owes money to will get their money back.
The move proved inevitable after two municipal pension funds sued city emergency manager Kevyn Orr.
It's the largest municipal bankruptcy in U.S. history, dwarfing Jefferson County, Ala.'s $3.1 billion sewage district restructuring.
In June 2012, the City of Stockton became the largest-ever city to file for bankruptcy, at the time.
The Motor City faces $20 billion of long-term liabilities. The Wall Street Journal's Matt Dillon says those holding onto $11 billion in unsecured debt are basically staring into the abyss, facing the prospect of getting next to nothing from the city's obligations.
The pension funds want to block Orr's attempt to drastically reduce the amount of benefits owed to current and former city workers.
The funds are fully aware that they could still face such cuts even if the city is forced to go to court, but say they'd prefer to fight the cuts there. Here's the Freep's cut from their suit:
It appears imminent the governor will grant the emergency manager the unconditional power to proceed under Chapter 9 (bankruptcy) and the emergency manager will seek to have the cityís pension debts impaired pursuant to Chapter 9 unless the retirement systems and their participants accept the emergency managerís unilateral imposition of significant impairments to their accrued financial retirement plans.
Detroit is a mini USA unions are ruining us also (note what is happening to our mail system)
baroke whosane Obozo

Fayetteville, AR

#6 Jul 20, 2013
If I had a city ... It would look like Detroit!
guest

Dyersburg, TN

#7 Jul 20, 2013
ComradeWinston wrote:
The list of those owed includes the names of all of the cityís active employees and its retirees, a list of properties that have tax claims with the city, numerous bondholders, business creditors and companies that insured Detroit debt.
The largest creditor is the city's general pension scheme, which is owed $2 billion.
Two billion dollars in pensions...
I hope the federal government doesn't throw any of our tax dollars into this corrupt, mismanaged, democratic party black hole.
It will. It's all about the unions.
Comrade Wimpston

Caruthersville, MO

#8 Jul 20, 2013
ComradeWinston wrote:
Business Insider
Detroit has filed for bankruptcy, the AP's Ken Thomas reports. The full filing can be found below.
"Right now, the City cannot meet its basic obligations to its citizens," Gov. Rick Snyder, who signed off on the filing, said in the petition. He added, "Right now, the City cannot meet its obligations to creditors."
This means a judge will now have to sort out which entities Detroit owes money to will get their money back.
The move proved inevitable after two municipal pension funds sued city emergency manager Kevyn Orr.
It's the largest municipal bankruptcy in U.S. history, dwarfing Jefferson County, Ala.'s $3.1 billion sewage district restructuring.
In June 2012, the City of Stockton became the largest-ever city to file for bankruptcy, at the time.
The Motor City faces $20 billion of long-term liabilities. The Wall Street Journal's Matt Dillon says those holding onto $11 billion in unsecured debt are basically staring into the abyss, facing the prospect of getting next to nothing from the city's obligations.
The pension funds want to block Orr's attempt to drastically reduce the amount of benefits owed to current and former city workers.
The funds are fully aware that they could still face such cuts even if the city is forced to go to court, but say they'd prefer to fight the cuts there. Here's the Freep's cut from their suit:
It appears imminent the governor will grant the emergency manager the unconditional power to proceed under Chapter 9 (bankruptcy) and the emergency manager will seek to have the cityís pension debts impaired pursuant to Chapter 9 unless the retirement systems and their participants accept the emergency managerís unilateral imposition of significant impairments to their accrued financial retirement plans.
Know your elated since this happens to be a heavily black urban community. Just be glad it was Detroit only and not an entire country like Bush and the Republicans destroyed
Comrade Wimpston

Caruthersville, MO

#9 Jul 20, 2013
$5 gas baby woo hoo!!!!

LOOK MA NO BIRTH CERTIFICATE!!!

I am not a Republican (BIG OL LIE)

I am not a Tea Banger (ANOTHER BIG OL LIE)

I am a Christian LOL...oops (MAJOR LIE)

I never read your posts (LMAO classic lie)

Cumrag, you honestly think your intelligent, but without a computer or smart phone and FREE WIFI....your about as dumb as a rock.

Well maybe a rock has more intelligence than you because a rock never speaks. You never shut up bitching about obama blacks and anything of a racist nature. But your not a racist LOL Yea and your wife is so ugly she could peel the paint off a Amish barn

“This is AMERICA!!!!”

Since: Apr 10

Location hidden

#10 Jul 20, 2013
Detroit has been in turmoil for the last 20 years. So dont get a "boner" over this if you think its all Obama related. You can thank the Clinton - Bush era years for sending all those jobs over seas and outsourcing the country. But those two wars really helped the economy didnt they!!!

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