Quote Originally Posted by jt1 View Post
I think, and I may be wrong, that before the city can file bankruptcy them must have an EM appointed. The EM will cause more harm to the city than any bankruptcy.

The rationale is that if the city files bankruptcy it hurts the state and surrounding communities. I say it should be a matter of 'tough shit' state and surrounding communities as you laughed while Detroit ran towards bankruptcy. Now we can all deal with the issue.

The reality is, that if a Detroit bankruptcy did not negatively impact the state or surrounding communities/counties the state, Snyder and nobody else would care about 'helping' the city
If I'm understanding things correctly, if/when PA4 is put on the ballot and frozen, we won't revert back to the old EFM law because PA4 repealed it.

I could be wrong though.

But if that's the case, we won't have any specific/legal process for a city in Michigan to declare bankruptcy.