Activist and his attorney could pay $48,000 for suing Duggan without good reason

[ridgeabilly]

^^^ You know your music for sure. Good points!

"At the bankruptcy hearing on Friday, January 3, 2014, Emergency
Manager Orr admitted that the City of Detroit could have pursued
claims for fraud, unjust enrichment, and breach of contract against
Bank of America and UBS to potentially recover the $300 million these
banks have already netted from their interest rate swap swindle.

However, instead of going after these banks for their predatory
lending practices which caused Detroit’s financial crisis by
foreclosing on 100,000 homes and then putting the city in bankruptcy
through interest rate swaps which continued the banks’ fraudulent
lending practices against the city itself — Orr is asking Judge
Rhodes to approve a termination fee of an additional $165 payment to
these banks, funded by a loan by Barclays Bank at up to 8.5% interest
with $4.2 million in “breakage fees”.

If this deal is approved, the people of Detroit will be paying 20% of
city income tax revenues, $48 million a year, to these banks for the
next four years, at the expense of city pensions & jobs."
[[thanks MECAWI)

[Vic01]

"At the bankruptcy hearing on Friday, January 3, 2014, Emergency
Manager Orr admitted that the City of Detroit could have pursued
claims for fraud, unjust enrichment, and breach of contract against
Bank of America and UBS to potentially recover the $300 million these
banks have already netted from their interest rate swap swindle.

However, instead of going after these banks for their predatory
lending practices which caused Detroit’s financial crisis by
foreclosing on 100,000 homes and then putting the city in bankruptcy
through interest rate swaps which continued the banks’ fraudulent
lending practices against the city itself — Orr is asking Judge
Rhodes to approve a termination fee of an additional $165 payment to
these banks, funded by a loan by Barclays Bank at up to 8.5% interest
with $4.2 million in “breakage fees”.

If this deal is approved, the people of Detroit will be paying 20% of
city income tax revenues, $48 million a year, to these banks for the
next four years, at the expense of city pensions & jobs."
[[thanks MECAWI)

Might want to take it over to the right thread...
Detroit EFM sought SEC probe of banks over interest rate swaps


http://www.detroityes.com/mb/showthr...est-rate-swaps

[Wesley Mouch]

"At the bankruptcy hearing on Friday, January 3, 2014, Emergency
Manager Orr admitted that the City of Detroit could have pursued
claims for fraud, unjust enrichment, and breach of contract against
Bank of America and UBS to potentially recover the $300 million these
banks have already netted from their interest rate swap swindle.

However, instead of going after these banks for their predatory
lending practices which caused Detroit’s financial crisis by
foreclosing on 100,000 homes and then putting the city in bankruptcy
through interest rate swaps which continued the banks’ fraudulent
lending practices against the city itself — Orr is asking Judge
Rhodes to approve a termination fee of an additional $165 payment to
these banks, funded by a loan by Barclays Bank at up to 8.5% interest
with $4.2 million in “breakage fees”.

If this deal is approved, the people of Detroit will be paying 20% of
city income tax revenues, $48 million a year, to these banks for the
next four years, at the expense of city pensions & jobs."
[[thanks MECAWI)

Consider reserving some judgement for those who actually took out the loans with "breakage fees", and take comfort in the 'Local Control'.