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Arena Pharmaceuticals, Inc. Message Board

  • hhabana2112 hhabana2112 Jul 19, 2013 1:58 AM Flag

    TO: Detroit Bankrupt, America Next!

    Detroit became the largest US city to ever file for bankruptcy on Thursday, seeking protection from its creditors as it restructures more than $18bn in debt.

    Richard Snyder, Michigan’s Republican governor, said in a letter included in the filing.

    “Detroit simply cannot raise enough revenue to meet its current obligations and that is a situation that is only projected to get worse absent a bankruptcy filing.

    Kevyn Orr, who Mr Snyder appointed in March to serve as Detroit’s emergency manager, has stirred controversy by putting the claims of holders of general obligation bonds – which are backed by taxes – on the same footing as those of pension funds and retirees.

    Holders of the general obligation bonds argue that they should be paid before other unsecured claimants. Pension funds maintain that their rights are constitutionally protected and should have priority.

    “To treat holders of general obligation bonds backed by the full faith and credit of a sovereign entity as unsecured and impaired has implications for the municipal market,” said Peter Hayes, head of municipal bonds at BlackRock, which owns $25m of Detroit’s debt.

    Mr Orr said the city’s total debt was at least $18bn and could be as much as $20bn – $11bn of which is unsecured. The remaining $9bn that is secured will probably be paid back at 100 cents on the dollar.

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    • I read kutz on detroit and can agree about the greed of the unions there but don't you think the Bushes and Clintons with the new world order thing and signing nafta helped this current condition of this country.. Where have all the jobs gone? Expect alot more cities to follow suite.

      Sentiment: Hold

      • 1 Reply to upstream4u
      • Steel industry, unions-dead. Car industry, unions-dead. Old telephone company, unions-dead. Federal gov't, unions-16 trillion debt. In their current state they are like a blood sucking cancer. And speaking of Bush, he hasn't been President for 5 years how are you liking the change Obama promised you. If you think it is bad now just wait till the inflation he is creating kicks in. No jobs, more expenses for gov't, no plans for increasing GNP. He has created more debt than every other President combined throughout history. Nice to have a great society but no one can to pay the bills. As we bury our heads in the sand we are Detroit-ing America.

    • ah, the land of utopia where unions prevail and would rather kill the client than negotiate.

    • Detroit has been going downhill since the 1960s when I lived there. Has always been, as Michigan is, too dependent on automobiles amongst a hundred other issues! its a real rathole of a place now and I avoid going there like the plague!

      JMO

      kutz

      Sentiment: Strong Buy

 
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