National attention

  • Five Bankruptcy Bits for Monday Morning

    As we anticipate the release of the city’s Plan of Adjustment in the coming week, here are five stories from the weekend that Next Chapter Detroit doesn’t want readers to miss:

    Time to see whether Detroit’s big bet on shedding its debt pays off

    In advance of the city’s restructuring plan, expected in court this week, Stephen Henderson, editorial page editor at the Detroit Free Press, predicts: “If Detroit’s emergency manager has his way, the city will walk from nearly 80% of its debt to banks and insurers. Most important, he will treat bondholders, including those whose debt has never been subject to principal write-downs in a bankruptcy, the same as every other lender.”

    Patrolling a Bruised City

    The New York Times “Vocation” feature talked with a Detroit police officer about what it’s like to patrol the streets of the bankrupt city and live with the uncertainty of the city’s future finances.

    The Looting of Detroit’s Pensions

    The American Enterprise Institute weighs in on the history and future of Detroit’s pension systems and concludes, in part: “It’s hard to know what should be done about Detroit’s pensioners, many of whom would truly be impoverished if subjected to major benefit cuts. But the conventional morality play painting Detroit’s employees as mere bystanders to the city’s fiscal bankruptcy is clearly wrong.” AEI will host a panel discussion in Washington D.C. Tuesday afternoon titled “The Detroit Bankruptcy: Conflicts and implications” that will stream online. More information at: www.aei.org/events/2014/02/18/the-detroit-bankruptcy-conflicts-and-implications/

    Q & A: What is a Bankruptcy Mediator’ Role?

    The Wall Street Journal provides a succinct explanation of what U.S. District Court Chief Judge Gerald Rosen is doing behind the scenes of the bankruptcy negotiations.

    Bankruptcy and Blight: The technology behind the new authority

    Have you wondered exactly how the Detroit Blight Authority is mapping all the city’s properties? Crain’s Detroit Business profiles Loveland Technologies Inc., the new company with new technology … and a new approach.

    -By WDET’s Sandra Svoboda

    @WDETSandra and nextchapter@wdet.org

     

  • Yes, Virginia, there is a bankruptcy

    The Richmond Times-Dispatch today published a guest column written by Alex Nyerges, director of the Virginia Museum of Fine Arts. The VMFA is owned and maintained by the Commonwealth of Virginia, just like the Detroit Rodin ThinkerInstitute of Arts is by the city of Detroit. You can see where this is going…

    He is alarmed by the possible sale of the DIA’s collection, opining “a ‘forced’ sale would not only destroy the core of this great American museum, but it would betray the entire principal on which art museums were established: to hold works of art in trust and in perpetuity for their community and future generations. The precedent that such a sale could set has been a matter of acute concern to American museums and should such a sale occur it is unlikely any American museum would participate.”

    Who would buy the art? Read his piece.

    By in DIA, National attention