AliHajiSheik
DP Veteran
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I was referring to posters on this topic taking the position that bondholders and banks should come before pensioners.
that is NOT a red herring. It is reality.
Unfortunately for your point of view, that may be what happens. Municipal bonds are federally governed securities (Miami just had an SEC action filed against them) and bankruptcy is also a Federal action controlled by the Bankruptcy courts so perhaps the supremacy clause could be used to trump the provision of the Michigan Constitution. Stranger things have happened. Ironically it was many who advocated that the automakers go through normal bankruptcy proceedings rather than the federal government actions.