This straightforward GIF simplifies the long, but not-as-complicated-as-you-think story of Detroit's recent bankruptcy and counters the idea that it was always inevitable. It comes from this impressively thorough, absolutely must read story on Detroit's bankruptcy from the Detroit Free Press. Leave here and go there…
A federal judge has frozen all lawsuits against the City of Detroit related to its bankruptcy, clearing the way for Chapter 9 reorganization to go ahead, according to news reports.
The City of Detroit may be $18.5 billion in debt and about to initiate the largest municipal bankruptcy in U.S. history, but had you moved a little quicker this weekend, you could have owned it for the low, low price of $7.50. Free shipping, too!
Like I said yesterday: You didn't expect the Detroit Bankruptcy to happen without drama, did you? Today a circuit court judge ruled the bankruptcy filing unconstitutional and ordered it withdrawn. That won't stop the bankruptcy proceedings, however.
Yesterday Detroit declared bankruptcy. It's the biggest American city ever to do so, and as I thought about that I realized I didn't really know what that actually meant for the city. Was the US Landlord General going to kick everyone out and change the locks? So I decided to see exactly what happens to a bankrupt…
You didn't think the bankruptcy of a major American city would go ahead without drama, did you? According to reports, opponents of Detroit's bankruptcy attempted to halt it from proceeding, but they claim they were hoodwinked by the governor and beaten to the courthouse by mere minutes.
The City of Detroit has just filed for Chapter 9 bankruptcy protection, the largest municipal insolvency in U.S. history, according to news reports.