Monthly Archives: July 2013

Is Detroit Bankruptcy Bad News?

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My hometown is in the news for being the biggest municipality (so far) to file Chapter 9 bankruptcy.  I thought this bankruptcy would happen, no other choice is out there.

The Detroit bankruptcy is not a surprise.  Am I happy about it?  No, but it is part of the solution.  Detroit filing bankruptcy is not the problem.

Just like I tell my clients, who uniformly tell me they do not want to file bankruptcy:  who does?  Nobody gets their diploma and says their dream is to be in a bankruptcy lawyer’s office in ten or twenty years.

The filing was precipitated by two of the pension boards suing to prevent the bankruptcy filing.  I have no idea how they thought they could do that.  But, they did not succeed.

Although their is local co-counsel, the attorney address for the filing lawyer is in Cleveland.

The judge has not been selected yet; the selection process is described in this excerpt from   the Eastern District of MichiganDistrict Court’s press release:

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2 Responses to Is Detroit Bankruptcy Bad News?

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Why Buy Countrywide?

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   This picture is how the Bank of (everything in) America acquisition of Countrywide worked out. NPR has a story on the five year anniversary of the purchase of the biggest purveyor of sub-prime mortgage crap, the mortgage company which ripped off more people and threw more into bankruptcy than any in history. Jim Zarolli,Continue ReadingContinue Reading

One Response to Why Buy Countrywide?

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