Most at risk under the bankruptcy case is the city's $11 billion in unsecured debt. That includes almost $6 billion in health and other benefits for retirees; more than $3 billion for retiree pensions; and about $530 million in general-obligation bonds.
A plan Mr. Orr disclosed last month calls for paying off the majority of what secured creditors such as certain bondholders are owed while offering pennies on the dollar to unsecured bondholders, unions and pension funds.
But I'm sure that the Republicans who rammed this through over the will of the people of Michigan really have all those poor people's best interests at heart, right?
An unelected man hand-picked by the Governor with zero culpability to the people he's overseeing and shoving state-mandates down on the local municipalities? Republicans would hate it if they weren't the ones doing it...
Most at risk under the bankruptcy case is the city's $11 billion in unsecured debt. That includes almost $6 billion in health and other benefits for retirees; more than $3 billion for retiree pensions; and about $530 million in general-obligation bonds.A plan Mr. Orr disclosed last month calls for paying off the majority of what secured creditors such as certain bondholders are owed while offering pennies on the dollar to unsecured bondholders, unions and pension funds.
Legal precedent and debt structuring have all available funds be paid out in this order:
Due wages, taxes, loans, secured debt, unsecured debt, equity holders
It sucks to be the people on the receiving end, but every pension can be cashed in and converted into an IRA. Unsecured bondholders know their risk when they purchase a high default risk bond, and are paid accordingly via coupon rate.
It's not like there was no warning that Detroit was on the path to default. If you can't get out from in front of that train, it's your fault.
as if it needs pointing out, republicans hate black people
and black republicans have the unique distinction of also hating themselves
especially those named 'Unique' (various spellings)
It makes sense then that one of the largest petroleum coke dealers in the world, delivering more than 11 million tons of fuel-grade coke every year, is Oxbow Carbon owned by David and Charles' brother, William Koch.
I say we sell Texas back to Mexico to pay off the debt. No doubt with all the drug money they could probably gather enough $$$ to do it and everyone would benefit. Mexico is a christian nation, texas is a christian nation, mexico is about unregulated capitalism, texas is about unregulated capitalism. It's a match made in heaven. Every so often I get these absolutely genius ideas...
Headed back to Detroit for a reunion this weekend.
Looking forward to cruising my old playground and showing the boys where I grew up.
Hoping the car won't get stolen, like the 6 that were when I lived there.
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