Quote Originally Posted by illwill View Post
I highly doubt many... IF any of these creditors will accept pennies/dimes on the dollar. If they don't end up negotiating a reasonable percentage with Orr then they'll most likely refuse to accept a deal and walk away empty handed. Mainly to get back at the city, in hopes of seeing Detroit file for bankruptcy, ruining Detroit's credit and then NEVER doing business with them again. This will be done out of spite.

But in Detroit's favor, at least the debts will be written off. It'll just be a matter of how the city builds from that point forward?
The creditors are going to lose either way.

Bt some of them, foolishly, may think they can get a couple Van Goghs in a BK court proceeding and only take a modest haircut versus having to take pennies on the dollar.