Emergency manager: Detroit won't pay $2.5B it owes

Jun 14, 2013 | Posted by: roboblogger | Full story: Athens Banner-Herald

A team led by a state-appointed emergency manager said Friday that Detroit is defaulting on about $2.5 billion in unsecured debt and is asking creditors to take about 10 cents on the dollar of what the city owes them.

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1 - 3 of 3 Comments Last updated Jun 15, 2013
Makes sense

Dearborn, MI

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#1
Jun 14, 2013
 
Uh, there seem to be so many billions of dollars and billionaires in Detroit. Seems like chump change to Dan Gilbert, Matty Moron and the Kock Bros. Is this just a bunch of hype to get rid of unions/legacy costs, and let unscrupulous polluters continue to pollute????? I bet once EVERYONE takes a haircut or gets SCALPED, Detroit will be beautiful again in say five years. In the meantime, don't let some of the billionaires screw us, like Matty Moron and the Kock Bros.

Monopoly anyone????

http://www.clickondetroit.com/news/1-billion-...

http://www.windsorstar.com/technology/Detroit...

http://metrotimes.com/news/when-matty-wins-we...
reality is a crutch

Nashua, NH

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#2
Jun 15, 2013
 

Judged:

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well that will certainly inspire the confidence of future potential investors in Detroit debt issues?

Wish the rest of us could just get rid of our debt by declaring we're not going to pay our bills.

Guess that recent GM example of bankruptcy screwing over of GM bond & stock holders inspired this decision.
Makes sense

Dearborn, MI

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#3
Jun 15, 2013
 
reality is a crutch wrote:
well that will certainly inspire the confidence of future potential investors in Detroit debt issues?
Wish the rest of us could just get rid of our debt by declaring we're not going to pay our bills.
Guess that recent GM example of bankruptcy screwing over of GM bond & stock holders inspired this decision.
Actually, I think he got the idea from Donald Trump who is very proud to have declared bankruptcy many times and remain a billionaire. Go figure!

Is that what they mean by a legal fiction?????

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