Friday, June 14 2013 10:25 PM EDT2013-06-15 02:25:13 GMT
A team led by a state-appointed emergency manager said Friday that Detroit is defaulting on about $2.5 billion in unsecured debt and is asking creditors to take about 10 cents on the dollar of what the city owes them.
A team led by a state-appointed emergency manager said Friday that Detroit is defaulting on about $2.5 billion in unsecured debt and is asking creditors to take about 10 cents on the dollar of what the city owes them.
Friday, May 24 2013 12:07 PM EDT2013-05-24 16:07:12 GMT
Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection.
Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection.
Thursday, March 28 2013 11:56 AM EDT2013-03-28 15:56:34 GMT
Michigan's tougher emergency manager law takes effect Thursday. However, its opponents are seeking to block it in federal court, saying the measure is unconstitutional.
Michigan's tougher emergency manager law takes effect Thursday. However, its opponents are seeking to block it in federal court, saying the measure is unconstitutional.
Tuesday, March 26 2013 11:22 PM EDT2013-03-27 03:22:01 GMT
On the day Kevyn Orr takes over the management of the city, Fox 2's Charlie LeDuff goes back 40 years for a unique look back at the time Detroit elected its first African-American mayor.
On the day Kevyn Orr takes over the management of the city, effectively removing Mayor Dave Bing and the Detroit City Council from power, Fox 2's Charlie LeDuff goes back 40 years for a unique look back at the time Detroit elected its first African-American mayor.
Monday, March 25 2013 11:14 PM EDT2013-03-26 03:14:42 GMT
As Detroit's new EFM takes the reigns, young adults with a vested interest in the city are concerned about the future. However, the governor wants them to know they can be part of the change and the solution.
As Detroit's new emergency financial manager takes the reigns, young adults with a vested interest in the city are concerned about the future. However, the governor wants them to know they can be part of the change and the solution.
Monday, March 25 2013 9:18 PM EDT2013-03-26 01:18:49 GMT
Kevyn Orr, Detroit's new financial emergency manager, met with several city leaders during his first day on the job, but not everyone is thrilled with his arrival.
Kevyn Orr, Detroit's new financial emergency manager, met with several city leaders during his first day on the job, but not everyone is thrilled with his arrival.
Monday, March 25 2013 7:23 PM EDT2013-03-25 23:23:58 GMT
Detroit's EMS and police departments are getting a much needed shot in the arm from the corporate world. There will be new ambulances in the next four to five months and 100 new patrol cars within 60 to 90 days.
Detroit's EMS and police departments are getting a much needed shot in the arm from the corporate world. There will be new ambulances in the next four to five months and 100 new patrol cars within 60 to 90 days.
Monday, March 25 2013 12:56 PM EDT2013-03-25 16:56:46 GMT
Fox 2's Maurielle Lue reports protestors are still gathering, waving flags and signs against Detroit's new E.F.M. (Emergency Financial Manager).
Fox 2's Maurielle Lue reports protestors are still gathering, waving flags and signs against Detroit's new E.F.M. (Emergency Financial Manager). Despite the snow and chilly temperatures, the protest was strong for more than half an hour.
Lansing WJBK -
"Everyone who believes the governor will NOT impose an Emergency Manager on the City of Detroit, applaud."
Dead silence. Not even one hand clapping.
The 300 or so association executives at the conference were onto to something as the Gov. Rick Snyder preps to dive deeper into the risky game of trying to keep Detroit out of the red.
He's less than ten days away from doing it, unless the city fathers and mothers can convince him he is wrong when he just concluded there is a financial emergency in Motown.
That was the story way back in April of last year when the governor decided to avoid the EM by inking a consent agreement which city fathers and mothers who then proceeded to basically ignore it.
And so this Chinese water torture a.k.a. Detroit's fiscal cliff looms as this whole mess reaches critical mass.
Gov. Snyder is going where Democratic Gov. Granholm and Blanchard never went. Former GOP Gov. John Engler did abolish the Detroit school board but the effort was flubbed.
Former Gov. Milliken did negotiate a financial deal with former Mayor Coleman Young, but soon after they left office, the Detroit Equity Package was piece by piece dis-assembled by GOP lawmakers who didn't much like either guy let along the fruits of their efforts to save the city.
Chances are this governor will not flinch when he makes a final decision. Always wanting to be prepared, he is close to closing the deal to hire an EM from out of state just in case he decides to go there.
As for the furor this will cause?
"I'm beyond disappointed..I'm angry," huffs the son and namesake of the aforementioned Mayor Young.
"It's sobering but not unexpected," confides Sen. Bert Johnson Democrat from neighboring Highland Park.
"There should be a partnership," advised Sen. Morris Hood III who is afraid the state will "bulldoze" it's way into a "takeover" of his city.
It does not have to so, suggests Lt. Gov. Brian Calley who joyfully points to "great success" with EM's in Pontiac and Flint where he sights a positive working relationship which he admits the Snyder administration is still working on in Detroit.
When and if the EM trigger is pulled it will take all the leadership prowess this governor possess to make this work. It will be the biggest and most controversial test of that prowess yet.
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