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reply to post by PsykoOps
...government goes into too much debt and the private sector and corporations bail out the government. Basically they buy out the debt and save the country but in the process take over completely. All branches of government are corporate after that. Scariest scifi scenario I've seen in a long time.
Detroit has become the largest city in US history to file for bankruptcy, owing 100,000 creditors $18.5 billion.
The list of those owed includes the names of all of the city’s active employees and its retirees, a list of properties that have tax claims with the city, numerous bondholders, business creditors and companies that insured Detroit debt.
The largest creditor is the city's general pension scheme, which is owed $2 billion.
A plan devised in June called for city-employed retirees to accept less than 10 per cent of what they were owed under pension plans. But earlier this week the city's two pension funds sued Detroit's state-appointed emergency manager in an attempt to stop the cuts in retirement pay. An insurance group also threatened legal action.
Rock Ventures LLC, a unit of Dan Gilbert’s business empire, will offer today to buy the unfinished Wayne County Jail at Gratiot and Madison, as well the Frank Murphy Hall of Justice, two nearby jails and a juvenile detention facility.
In its answer to the county’s request for proposals, due this afternoon, Rock envisions transforming the jail and criminal justice sites into what it will describe as a mixed-use retail, entertainment, residential and office development that would serve as a gateway to downtown from the east.
An Illinois developer is in talks with the Wayne County treasurer to buy the notorious Packard Plant out of foreclosure for its $974,000 unpaid tax bill and convert the decayed landmark into a commercial, housing and entertainment complex.
Bill Hults, of Evanston, Ill., told The Detroit News he’s leading a group of investors who want to rehabilitate the crumbling 3.5-million-square-foot plant and build housing nearby.
According to the DEGC, The Parade Company proposes developing on the site with a scaled down baseball field, retail, housing and Parade Company headquarters.
An attorney for the pension funds who was seeking a temporary restraining order in Ingham County to block the historic bankruptcy filing said he felt blindsided because he agreed to delay an emergency hearing by five minutes at the request of attorneys for Snyder.
During those five minutes, he said, attorneys filed the bankruptcy petition in Detroit, which generally results in a stay in all other pending lawsuits involving the city. Ingham County Judge Rosemarie Aquilina later issued a temporary restraining order preventing further actions to cut pension benefits, but said she would have issued one to stop the bankruptcy filing altogether, if given the chance.
The judge said the bankruptcy filing was made at 4:06 p.m., five minutes before her emergency hearing began.
A furious Ronald King, a lawyer representing Detroit’s General Retirement System and the Detroit Police and Fire Retirement System, said he agreed to the five-minute delay that he now believes was not requested in good faith.
Originally posted by tothetenthpower
reply to post by xuenchen
Yeah.. Tenth was so kind to remind me i was 30 seconds to late lol.
But doesn't matter, So what happens next? Marshall Law?
I'm feeling cheeky today
Hmm I'm not familiar with bankruptcies for cities, how the hell does that work?