Originally Posted by
michimoby
To answer your question: I don't know. I don't have any examples of municipalities in Michigan that declared bankruptcy prior to the Act being passed. Someone on this board may.
Here's a core difference that I see, at the onset, between a bankruptcy judge and EFM: a judge has no incentive for reform; he's appointed by an appeals court with little to no attachment to the challenges of reform.
An EFM is going to be put in place by a governor that sees a veritable tire fire burning out of control in his state's largest city. It raises the stakes, and I don't doubt the EFM is going to have some degree of personal, professional, and emotional investment in enacting reform.