A former Detroit university professor is pledging $5 million and hoping to spark a wildfire of private financial support to protect valuable art from being sold to pay creditors in the city's bankruptcy.
A judge has given Detroit the green light to cut pensions as a way out of the largest municipal bankruptcy in U.S. history, a decision that puts the case in the laps of thousands of retirees who had hoped that the Michigan Constitution would protect them from getting smaller checks...
The judge turned down objections from unions, pension funds and retirees, which, like other creditors, could lose under any plan to solve $18 billion in long-term liabilities.
The UAW's chief lawyer testified Tuesday that he was willing to take the lead in negotiating retiree health care with Detroit but never got a response from emergency manager Kevyn Orr before the city filed for bankruptcy.
A judge deciding whether Detroit can go through a multibillion-dollar makeover in bankruptcy court suddenly challenged the city's emergency manager Monday over remarks made during the summer suggesting pensions would be safe in any restructuring.
Detroit's emergency manager faced tough cross-examination Tuesday from lawyers for unions and retirees as he defended his decision to take the city into bankruptcy without first striking a deal to prevent pension cuts.
An attorney representing Detroit urged a judge Wednesday to allow the city to fix staggering financial problems through bankruptcy, arguing that without it about 65 cents of every tax dollar eventually would be gobbled up by debts and other obligations.
Lawyers jammed a courtroom Wednesday for the first hearing in Detroit's bankruptcy case, as a judge set out to decide whether anxious city retirees can slow down the process with lawsuits in other courts.
The federal judge overseeing Detroit's bankruptcy set the first hearing in the case for Wednesday after the city urged him to stop pensioners from filing lawsuits that could gum up plans to restructure billions of dollars in debt.