Quote Originally Posted by TexasT View Post
http://www.crainsdetroit.com/article...oit-bankruptcy



Not surprising. The debt is secured - that gives it higher priority legally.

However THIS made me sick:



Wow. The City basically took a shitty pay day loan. $250M turns to $878.7M??? I'm astounded. I'm sure the bank quickly sold that debt stream off for a cool $500M and laughed their asses off.

I only pray they find corruption under this deal [[not unlikely). If they do, there's a possibility that could cancel out the entire debt, as happened with Chase Bank down in Bama.
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.