18 April 2014

Two For One: Detroit and the Archdiocese of Milwaukee (With A Nod to Dante)

Go here to read a very good summary of how the emergency manager of the City of Detroit is working deals with each creditor constituency. One-by-one or divide-and-conquer, whatever it's called, is exactly what debtors do in a Chapter 11 and there's no reason to use anything different in Chapter 9. It's all about the money and votes (of creditors, not citizens), not some abstract notion of fairness. (Go here to download an early draft of my article on this topic; a final version will be coming any day from the American Bankruptcy Law Journal.)

I suppose it's appropriate that I finished reading Clive James' new translation of The Divine Comedy on Good Friday, the day after Judge Susan Kelly approved the disclosure statement of the Archdiocese of Milwaukee. You can read about it here.

I wonder if anyone in Judge Kelly's courtroom realized that Dante's account of his journey through hell and purgatory to heaven began the same day, the Thursday before Easter, 700 years ago?

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