About that DIA rescue...

[Ray1936]

"Sainted pensioners", bailey? Wow. I arise!

[jt1]

"Sainted pensioners", bailey? Wow. I arise!

Perhaps martyred instead of sainted as pensioners are the only ones that don't believe they should share any of the pain.

[Patrick]

Perhaps martyred instead of sainted as pensioners are the only ones that don't believe they should share any of the pain.

You really do hate city workers/pensioners and their unions eh?

[Gannon]

You really do hate city workers/pensioners and their unions eh?

Apparently at least the ones he can insult publicly!

[cjd]

In a Chapter 9, unlike some other chapters of bankruptcy, the estate can sell assets without court approval [[indeed, in CH9 a creditor cannot move the court and the court cannot, sua sponte, force the sale of an asset of the estate). Under a different chapter, assets can be [[and frequently are) sold with the court's approval. The key is that you get cash for the asset that will then go to the plan [[to pay creditors).

Here, if the DIA is considered security for a certain group of creditors, the $$ obtained from the buy-out would be paid out to those creditors in any plan of adjustment. I don't see any creditors barking if the city were to monetize the DIA asset and pay that over in the plan to the secured creditors. If the money was targeted for some other creditors, other than the ones secured through the DIA, you can be sure there would be some howling in front of Judge Rhodes to reject the plan.

[jt1]

You really do hate city workers/pensioners and their unions eh?

Nope, I hate their unwillingness to sacrifice anything. It is clear that, in their opinion, it is fine that the residents suffer as long as they don't lose a penny.

I hate the fact that unions like AFSCME refused to allow the greening of Detroit to maintain a facility to grow trees on the belief that, perhaps one day there may be enough in the budget for maintenance to be staffed by AFSCME.

The unions have made their contempt of the residents clear so it shouldn't be a surprise when some of us aren't kissing their behinds.

@Gannon - I will willingly point out when they are an impediment to residents receiving decent services. Hell, if the unions actually delivered decent services you may move back.