Best even-handed analysis of EM vs. Chapter 9 that I've seen so far.

http://www.mlive.com/news/detroit/in..._river_default

Now on the pension side, the Michigan Constitution protects pensions. An EM can't take that away. In theory, a federal court can say, “This pension is not protected.”Bridge: So if I'm worried about my pension, I'm probably more in favor of an EM.
A: Right. That’s why you might use Chapter 9 as more of a bargaining tool [[in reaching municipal crisis solutions).