Marcus Hudson: Brace yourself for bankruptcy, Detroiters
Kevyn Orr's plan for Detroit was as expected: Bondholders -- averaging secured and unsecured -- likely will receive roughly 90 cents on the dollar, workers are being hammered, and Detroit's best asset -- the Detroit Water & Sewerage Department -- is essentially up for hock.
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#1 Jun 30, 2013
This analysis sounds accurate to me. Orr planned on waltzing in here and using most of the city assets and income to project a rosy future, leaving those who supported the city in the lurch at 10 cents on the dollar less legal costs. Let a judge decide who gets what. As long as Obama is not the judge, equity might just prevail.
Explain to me how Gary Brown with his background could be worth anything like $225,000 per year. Orr is proving to be a very profligate character when it comes to spending city funds.
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