General Discussion

littlewolf

(3,813 posts) Wed Dec 10, 2014, 12:39 PM Dec 2014

a question about Detroit.

I see where they are about to exit bankruptcy and the city council and mayor
will regain control of the city.
they "shed" 7 billion of the 18 billion they owed. I can not find
what they did to "shed" 7 billion.

4 replies

= new reply since forum marked as read

Highlight:

a question about Detroit. (Original Post) littlewolf Dec 2014 OP

Good question. What happens to a city in bankruptcy court? jwirr Dec 2014 #1

more or less they cut retiree pensions by 4.5% and i think cut their healthcare too Takket Dec 2014 #2

A lot of it was in pensions. Pensions that were constitutionally protected Cal Carpenter Dec 2014 #3

I'm curious about these 3 new businesses that are to open shortly. Frustratedlady Dec 2014 #4

jwirr

(39,215 posts)

1. Good question. What happens to a city in bankruptcy court?

Reply to littlewolf (Original post)

Wed Dec 10, 2014, 12:41 PM

Dec 2014

Takket

(21,581 posts)

2. more or less they cut retiree pensions by 4.5% and i think cut their healthcare too

Reply to littlewolf (Original post)

Wed Dec 10, 2014, 12:47 PM

Dec 2014

Cal Carpenter

(4,959 posts)

3. A lot of it was in pensions. Pensions that were constitutionally protected

Reply to littlewolf (Original post)

Wed Dec 10, 2014, 12:49 PM

Dec 2014

by Michigan's state constitution. Aw, but it is just a piece of paper ya know.

Frustratedlady

(16,254 posts)

4. I'm curious about these 3 new businesses that are to open shortly.

Reply to littlewolf (Original post)

Wed Dec 10, 2014, 01:36 PM

Dec 2014

Was the land acquired by the wealthy due to shenanigans during this Detroit financial problem or was it bought at reasonable prices? I had read that property in that area had been condemned and then picked up by wealthy investors and just wondered if the hotel, restaurant and casino-type beer hall were part of that.

I know of people in nearby suburbs who would love to sell their homes, but the values are depressed from what they had been due to the Detroit problems.

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