Considering that the EM is the only person that can ask for a bankruptcy in the State of Michigan, I don't find it that much of a stretch. Considering that PA 4 has a real possibility of being put on hold soon, and the idiot law department has filed the lawsuit stopping the consent agreement, what options are left?

Even if the state decided to pay the money owed, that would just bump the crisis down the road a bit. Then it's all back to square one again, with the same result. That's not even considering the fact that the Legislature is about to gut the personal property tax paid by businesses. There's another huge loss for the City as well.