Freep: Detroit bankruptcy breakthrough: City hammers out deal with unsecured bondhold

[corktownyuppie]

This is huge.

http://www.freep.com/article/2014040...ed-bondholders

Other creditors better start on getting board fast. Otherwise the cramdown cometh.

[jt1]

This is huge.

http://www.freep.com/article/2014040...ed-bondholders

Other creditors better start getting board fast. Otherwise the cramdown cometh.

It looks like the people representing the retirees need to adjust their stance or things will get imposed upon them.

As for OC and MC now contesting things because it isn't fair to them to spin off DWSD. It doesn't get more comical than that.

Looks like retirees, MC and OC just had one leg kicked out from under them.

[corktownyuppie]

As for OC and MC now contesting things because it isn't fair to them to spin off DWSD. It doesn't get more comical than that.

No kidding. This is Federal Bankruptcy Court, B**tch... On the priority list of people/creditors that the court is taking into consideration, Oakland County and Macomb County fall near the bottom. Even below unsecured creditors, who just willingly accepted 75 cents on the dollar.

Oakland County and Macomb County are more than welcome to build their own water system, and if that's what their constituents wish to do [[and pay for), it is well within their right. But I still believe that having them take control over the water authority and leasing it will still result in lower expenses than building all new infrastructure. We will see.

I am still of the belief that much of this table-pounding is to pacify their constituents. I think a deal is still possible here.

[jt1]

I am still of the belief that much of this table-pounding is to pacify their constituents. I think a deal is still possible here.

In an article yesterday it was stated that in January an agreement was almost in place then it was pulled by MC/OC claiming they didn't have all of the information.

I agree with you that it is gamesmanship. I also agree with you that OC is doing their study so they can confirm that staying with DWSD and reaching an agreement is in their constituents best interested. 500K-3M political protection fee at the expense of taxpayers.

[professorscott]

I agree with you that it is gamesmanship. I also agree with you that OC is doing their study so they can confirm that staying with DWSD and reaching an agreement is in their constituents best interested. 500K-3M political protection fee at the expense of taxpayers.

Yeah, that's the only way I can figure it. I was once a City Councilperson in an Oakland County community, and we were looking at various infrastructure projects far less costly than developing a new suburban water system. From that I can say with certainty that to build a new water and sewer system for OC and MC is going to be so expensive as to be completely infeasible. A few mill down the drain to demonstrate that is a drop in the bucket and provides cover for unpopular decisions later.

[Hermod]

Gummint: Here is some money, do a study and give us some conclusions and recommendations.

Beltway Bandit: What conclusions and recommendations are you looking for?