Reuters reports here that Judge Steven Rhodes has pushed back to August 29 the start of the mammoth hearing on confirmation of Detroit's plan of adjustment. Although Reuters doesn't mention it, I'm confident that part of the reason is to give all parties time to digest my latest foray into Chapter 9 municipal bankruptcy, Who Bears the Burden? The Place for Participation of Municipal Residents in Chapter 9 (Part 1) (download here).
Seriously, the delay gives arch-opponent Syncora (here, here, here, and here) more time to prepare (and Detroit more time to make a deal).
The delay also gives the rest of you time to read my initial piece, Municipal Bankruptcy: When Doing Less Is Doing Best (download here), and my soon-to-be-published second salvo, Who Bears the Cost? The Necessity of Taxpayer Participation in Chapter 9 (download here).
Seriously, the delay gives arch-opponent Syncora (here, here, here, and here) more time to prepare (and Detroit more time to make a deal).
The delay also gives the rest of you time to read my initial piece, Municipal Bankruptcy: When Doing Less Is Doing Best (download here), and my soon-to-be-published second salvo, Who Bears the Cost? The Necessity of Taxpayer Participation in Chapter 9 (download here).
The city of Detroit is reeling and they really need Judge Rhodes to push this trial along. The city will only be able to come out of this bankruptcy with careful deliberation and a Judge that is no-nonsense. I think Rhodes is the right guy, but I worry about him getting pulled into the in-fighting between creditors.
ReplyDeleteIsn't that the judge's job?
ReplyDelete