Detroit files for Chapter 9 Bankruptcy
Jason P
Posts: 19,138
Someone get O.C.P. on the blower. It's time to begin construction of the ED-209
DETROIT (AP) — Detroit on Thursday became the largest city in U.S. history to file for bankruptcy, as the state-appointed emergency manager filed for Chapter 9 protection.
Kevin Orr, a bankruptcy expert, was hired by the state in March to lead Detroit out of a fiscal free-fall and made the filing Thursday in federal bankruptcy court.
A number of factors — most notably steep population and tax base falls — have been blamed on Detroit's tumble toward insolvency. Detroit lost a quarter-million residents between 2000 and 2010. A population that in the 1950s reached 1.8 million is struggling to stay above 700,000. Much of the middle-class and scores of businesses also have fled Detroit, taking their tax dollars with them.
In recent months, the city has relied on state-backed bond money to meet payroll for its approximately 10,000 employees.
Orr was unable to convince a host of creditors, the city's union and pension boards to take pennies on the dollar to help facilitate the city's massive financial restructuring. If the bankruptcy filing is approved, city assets could be liquidated to satisfy demands for payment.
http://news.yahoo.com/detroit-emergency-manager-files-bankruptcy-201540926.html
DETROIT (AP) — Detroit on Thursday became the largest city in U.S. history to file for bankruptcy, as the state-appointed emergency manager filed for Chapter 9 protection.
Kevin Orr, a bankruptcy expert, was hired by the state in March to lead Detroit out of a fiscal free-fall and made the filing Thursday in federal bankruptcy court.
A number of factors — most notably steep population and tax base falls — have been blamed on Detroit's tumble toward insolvency. Detroit lost a quarter-million residents between 2000 and 2010. A population that in the 1950s reached 1.8 million is struggling to stay above 700,000. Much of the middle-class and scores of businesses also have fled Detroit, taking their tax dollars with them.
In recent months, the city has relied on state-backed bond money to meet payroll for its approximately 10,000 employees.
Orr was unable to convince a host of creditors, the city's union and pension boards to take pennies on the dollar to help facilitate the city's massive financial restructuring. If the bankruptcy filing is approved, city assets could be liquidated to satisfy demands for payment.
http://news.yahoo.com/detroit-emergency-manager-files-bankruptcy-201540926.html
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Comments
generations of wild dogs keep breeding. they have 3 or 4 generations deep of dogs that have not ever been taken care of by a human family. that is bad.
i read 500,000 residents up & moved out within the last 15 years or so. & when they move a large number of families leave most everything behind & just go, leaving behind houses fulla stuff. they have so many empty houses it is a nightmare & the drug addicts set up camp as well as the dog fighting rings. dog fighting is another epidemic in detroit. some dog fighting assholes are making $10,000 a week. they are straight brutal towards those poor creatures, it is a disgusting scene!
in detroit you can get your mail shut down because of the violent wild dog epidemic where dogs have attacked postal route carriers causing entire neighborhoods to have their mail put on hault where you yourself have to go fetch your mail from the post office.
there are no jobs from what i read & watched & for the average fucking dude you are fucked. & the drug dealing heavy weights that once ran detroit had/have so much money it is ridiculous. many very smart & violent street thugs ran that frickin place with an iron fist. it is very interesting stuff to me. they might wanna consider inventing work & legalizing marijuana, although a lot of them laugh at grass as they be going after crack & heroin
i'll try & find some of this stuff & i'll share it here if that's ok?
it is sad stuff watching some of these documentaries on detroit. it is bad
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
what do you mean?
how about the bands kiss & ted nugent donate 3 million each to the city as a way to create jobs. i say this because they been singing about detroit for decades. from what i understand kid rock hails from detroit, he can pay up too.
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
how do you shut a city down?
i think they would need a whole lot more than 3 million from each of them. kid rock might have "some" street cred but he is originally from romeo, michigan - a very safe, rural area. i have no idea where kid lives now, but ted lives no where near detroit.
i feel like this bankruptcy is all about cutting retirement funds, insurance and union contracts. our governor seems to be pushing the poor out of the state.
not many are buying cars, detroit was the motor city. now detroit is a pile & one violent ass location. detroit most probably always has been violent. they can fix their city if everyone got onboard & quickly quit fucking around! actually, the united states can repair itself if the politicians quick fucking around jerkin around
http://youtu.be/njW-6rUdCHE
detroit needs alan grayson. his video clips are the greatest
http://youtu.be/7FanwghzrKU
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
9/29/04 Boston, 6/28/08 Mansfield, 8/23/09 Chicago, 5/15/10 Hartford
5/17/10 Boston, 10/15/13 Worcester, 10/16/13 Worcester, 10/25/13 Hartford
8/5/16 Fenway, 8/7/16 Fenway
EV Solo: 6/16/11 Boston, 6/18/11 Hartford,
Some really shocking statistics:
Nearly half of all adults in Detroit, Michigan (over 47%) are functionally illiterate, according to statistics released by the National Institute for Literacy. Roughly 200,000 adults lack basic reading, speaking, writing and computational skills.
Half of the adult illiterate population has obtained a high school diploma.
Less than 10 percent of those in need of help are receiving the education necessary to build literacy skills.
18 percent of the adult education programs surveyed serve English-language learners, despite that 10 percent of the adult population of Detroit speaking English do so “less than very well.”
U.S. census statistics show that Detroit lost half its population, declining from 1.8 million in 1950 to just 713,777 in 2010. Twenty-five percent left in the last decade alone.
At the beginning of 2013, Detroit was already running a $327 million deficit, one of the largest deficits of any U.S. city. “The cash condition has been a strain on the city,” said State Treasurer Andy Dillon, a member of the review team. “The city has been running deficits since 2005 … [and] masking over those with long-term borrowing.”
Throw in the fact that Michigan is a heavily gerrymandered state...all of this = a recipe for disaster...
Get up
Everybody's gonna move their feet
Get down
Everybody's gonna leave their seat
You gotta lose your mind in Detroit Rock City
7.9.03~9.28.04~10.1.05~5.12.06~5.13.06~5.27.06~5.28.06
8.5.08(EV)~10.9.09~5.21.10~6.20.11(EV)~7.5.11(EV)~7.9.11(EV)
11.21.13~8.27.16(EV)~11.14.16(TOTD)~4.13.20~9.27.20~9.26.21~10.2.21
2.15.22 (EV)~2.25.22 (EV)~2.27.22 (EV)~5.3.22~5.7.22~9.17.24~9.29.24
incredible stuff
"Hear me, my chiefs!
I am tired; my heart is
sick and sad. From where
the sun stands I will fight
no more forever."
Chief Joseph - Nez Perce
Thanks for putting this on the forum. I just signed it and couldn't get the link copied.
:thumbup:
2014 Cincy, Detroit, Moline, & Milwaukee
2015 Central Park
2016 Lexington, Ottawa, Toronto 1 & 2, Boston 1 & 2, Chicago 1 & 2
2017 Rock and Roll Hall of Fame Induction Ceremony
2018 Seattle 1 & 2, Missoula, Chicago 1
Thanks for the heads up :thumbup: Signed and shared it on my facebook wall.