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Thread: Emergency manager: Detroit won't pay $2.5B it owes

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    Emergency manager: Detroit won't pay $2.5B it owes

    Detroit is defaulting.
    (AP) Emergency manager: Detroit won't pay $2.5B it owes
    By COREY WILLIAMS
    Associated Press
    ROMULUS, Mich.
    Detroit's emergency manager says the city is defaulting on about $2.5 billion of debt. Kevyn Orr said Friday that Detroit is asking creditors to take about 10 cents on the dollar of what they're owed. Underfunded pension claims will get less.

    Orr spent about two hours Friday morning with dozens of people representing banks, insurers and companies holding Detroit debt. He told reporters earlier at an airport hotel in Romulus he wants to fix fiscal problems that have made the city insolvent.

    He has instituted a moratorium on all of Detroit's payments on unsecured debt, seeking forgiveness of millions of dollars owed by the city.

    He also said $1.25 billion will be set aside over 10 years for public safety, lighting and neighborhood blight elimination. Emergency manager: Detroit won't pay $2.5B it owes
    So how about taking 10 cents on the dollar ? This is what is at the end of the liberal rainbow. Too many moochers. Not enough hosts.

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    Re: Emergency manager: Detroit won't pay $2.5B it owes

    LOL !!

    Liberalism hard at work. Good luck ever selling another Munie Detroit.

    I guarantee this soaking the creditors and bond holders precedent is coming to a City near you in California REAL SOON.

    What a desperate bunch of low life incompetents

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    Re: Emergency manager: Detroit won't pay $2.5B it owes

    Quote Originally Posted by Eighty Deuce View Post
    Detroit is defaulting. So how about taking 10 cents on the dollar ? This is what is at the end of the liberal rainbow. Too many moochers. Not enough hosts.
    Detroit is but a microcosm of what the country will soon look like if we continue with Statist Big Goverment policies.

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    Re: Emergency manager: Detroit won't pay $2.5B it owes

    Yes yes...the city fathers are responsible for the decline of the US auto industry.

    Scapegoating rather than understanding we have no industrial policy is the way of low intelligence conservatives.
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    Re: Emergency manager: Detroit won't pay $2.5B it owes

    Quote Originally Posted by Fenton View Post
    Liberalism hard at work. Good luck ever selling another Munie Detroit.
    Kevyn Orr, the city mgr, is a republican appointee

    And it seems he has a penchant for not paying debts

    City of Detroit | Detroit Free Press | freep.com
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    Re: Emergency manager: Detroit won't pay $2.5B it owes

    Quote Originally Posted by Gimmesometruth View Post
    Yes yes...the city fathers are responsible for the decline of the US auto industry.

    Scapegoating rather than understanding we have no industrial policy is the way of low intelligence conservatives.
    And the Unions that brought down the auto industry do not vote for the liberal candidates ?

    Your comment reminds of of Mary Landrue. Yesterday. She got a bit caught-up referring to a "dumb" fence.


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    Re: Emergency manager: Detroit won't pay $2.5B it owes

    Quote Originally Posted by Eighty Deuce View Post
    Detroit is defaulting. So how about taking 10 cents on the dollar ? This is what is at the end of the liberal rainbow. Too many moochers. Not enough hosts.

    No one will believe you. They're way to interested in who's coming out gay next..

    Tim-
    “When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.” - P. J. O’Rourke
    “Socialism is great until you run out of someone elses money” Margaret Thatcher

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    Re: Emergency manager: Detroit won't pay $2.5B it owes

    If they are secured bonds, I would be go after the public library building as opposed to taking 10 cents on the dollar.

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    Re: Emergency manager: Detroit won't pay $2.5B it owes

    Quote Originally Posted by sangha View Post
    Kevyn Orr, the city mgr, is a republican appointee

    And it seems he has a penchant for not paying debts

    City of Detroit | Detroit Free Press | freep.com
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Emergency manager: Detroit won't pay $2.5B it owes

    Quote Originally Posted by sangha View Post
    Kevyn Orr, the city mgr, is a republican appointee

    And it seems he has a penchant for not paying debts

    City of Detroit | Detroit Free Press | freep.com
    Of course, what did you expect? Would you send a community organizer instead?


    Tim-
    “When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.” - P. J. O’Rourke
    “Socialism is great until you run out of someone elses money” Margaret Thatcher

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