Quote Originally Posted by 313WX View Post
That will only happen through bankruptcy, unless they voluntarily accept the cuts.

The thing is, the reason Orr was appointed in the first place was to prevent Detroit from filing for bankruptcy.
Chase bank agreed to cancel the debt in a similar case where corruption was found as a part of its settlement with the SEC. Even in bankruptcy, I'm not sure this debt would be discharged since it's secured. Unlike our counsel, the bank's counsel covered their bases.