Judge to hold 1st hearing this week in Detroit bankruptcy; city wants lawsuits frozen

  • Article by: DAVID EGGERT , Associated Press
  • Updated: July 22, 2013 - 5:20 PM

DETROIT — 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.

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dumbgopJul. 22, 1311:57 AM

UNIONS; THERE IS NO MORE MONEY....NONE. IT'S GONE. YOU'VE MADE PROMISES THAT WERE IMPOSSIBLE TO KEEP.-----------------------------------------------------------------Todd Spangler, Detroit Free Press 5:27 p.m. EDT July 21, 2013 Detroit filed for Chapter 9 bankruptcy protection July 18. (Photo: Romain Blanquart, Detroit Free Press) STORY HIGHLIGHTS Detroit is the largest U.S. city to file for bankruptcy protection Growing unfunded debt on benefits to current and future retirees at heart of Detroit's woes Baltimore, Los Angeles also struggling with how to pay for these promises WASHINGTON -- Detroit may be alone among the nation's biggest cities in terms of filing for bankruptcy, but it is far from the only city being crushed by a roiling mountain of long-term debt. At the heart of Detroit's problem is a growing unfunded debt on benefits owed to current and future retirees — some $3.5 billion, according to its emergency manager, Kevyn Orr — which mirrors a circumstance being seen across the U.S. From Baltimore to Los Angeles, and many points in between, municipalities are increasingly confronted with how to pay for these massive promises. The Pew Center for the States, in Washington, estimated states' public pension plans across the U.S. were underfunded by a whopping $1.4 trillion in 2010.

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alr213Jul. 22, 1312:50 PM

The comments by the state judge last week in her ruling to stop the bankruptcy are hilarious.

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moomoolopJul. 23, 13 8:47 AM

public pension plans across the U.S. were underfunded by a whopping $1.4 trillion in 2010. -- WOW!

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