Detroit bankruptcy http://michiganradio.org en Detroit retirees said "yes" to the city's bankruptcy restructuring plan. What's next? http://michiganradio.org/post/detroit-retirees-said-yes-citys-bankruptcy-restructuring-plan-whats-next <p>Detroit retirees voted overwhelmingly to approve emergency manager Kevyn&nbsp;Orr's plan of adjustment.</p><p>That plan includes the unprecedented "grand bargain"--a mixture of public and private funds that will minimize cuts to city pensions, while protecting the Detroit Institute of Arts' assets from other city creditors.</p><p>But retirees aren't the only group of creditors who voted on the plan. Other groups did as well--<a href="http://www.freep.com/article/20140722/NEWS01/307220112/Syncora-detroit-bankruptcy-grand-bargain">and not all voted "yes."</a></p> Tue, 22 Jul 2014 22:47:24 +0000 Sarah Cwiek 18480 at http://michiganradio.org Detroit retirees said "yes" to the city's bankruptcy restructuring plan. What's next? Detroit retirees say yes to the "grand bargain" in big victory for Kevyn Orr, DIA http://michiganradio.org/post/detroit-retirees-say-yes-grand-bargain-big-victory-kevyn-orr-dia <p>The proposed "grand bargain" that would soften the blow to Detroit pensioners while preserving the city's art collection has cleared a major hurdle.</p><p>That's because city retirees have <a href="http://www.freep.com/article/20140721/NEWS01/307210176/Detroit-bankruptcy-pension-grand-bargain-vote">voted for the plan by an overwhelming margin.</a></p><p>As city creditors, pensioners got to cast ballots for or against emergency manager Kevyn Orr's bankruptcy restructuring. The grand bargain is an integral part of that plan of adjustment.</p> Tue, 22 Jul 2014 04:37:02 +0000 Sarah Cwiek 18461 at http://michiganradio.org Detroit retirees say yes to the "grand bargain" in big victory for Kevyn Orr, DIA We should learn whether Detroit retirees approved the "grand bargain" today http://michiganradio.org/post/we-should-learn-whether-detroit-retirees-approved-grand-bargain-today <p>We should know how Detroit retirees voted on the proposed “grand bargain” later today.</p><p>City pensioners had until July 11th to vote on the city’s bankruptcy restructuring plan, formally known as the “plan of adjustment.”</p><p>The grand bargain is just one part of that plan.</p><p>It would use more than $800 million in combined state and private foundation dollars to backstop city pension funds, minimizing retiree losses.</p> Mon, 21 Jul 2014 10:00:00 +0000 Sarah Cwiek 18446 at http://michiganradio.org We should learn whether Detroit retirees approved the "grand bargain" today Nurses rally against water shutoffs, declare "public health emergency" in Detroit http://michiganradio.org/post/nurses-rally-against-water-shutoffs-declare-public-health-emergency-detroit <p>Hundreds of protesters gathered near city hall in downtown Detroit Friday, to <a href="http://www.freep.com/article/20140718/NEWS01/307180136/">demand the city stop ongoing water shutoffs</a>.</p><p>More than 17,000 Detroit households have had their water shut off for non-payment since March, though many have since had service restored.</p><p>City officials say the shutoffs are a necessary measure, because too many people simply don’t pay their bills--starving the water system of up to $100 million in revenues.</p> Sat, 19 Jul 2014 15:41:37 +0000 Sarah Cwiek 18438 at http://michiganradio.org Nurses rally against water shutoffs, declare "public health emergency" in Detroit Detroit's bankruptcy, one year later http://michiganradio.org/post/detroits-bankruptcy-one-year-later <p>Tomorrow afternoon at 4:06 is the one-year anniversary of the largest municipal bankruptcy in American history.</p><p>Detroit News Business Columnist Daniel Howes has been talking with top business leaders in Detroit for a "temperature check" on how this first year has gone.</p><p>He said that the kind of leadership and coalescence that happened in the past year was something he’s never seen before in this community.</p> Thu, 17 Jul 2014 17:07:52 +0000 Stateside Staff 18411 at http://michiganradio.org Detroit's bankruptcy, one year later DIA secures $26.8 million in corporate pledges, reaches 80% of "grand bargain" goal http://michiganradio.org/post/dia-secures-268-million-corporate-pledges-reaches-80-grand-bargain-goal <p>The Detroit Institute of Arts is closer to fully funding its portion of the “grand bargain.”</p><p>The museum announced $26.8 million in additional corporate pledges today on Wednesday.</p><p>8 companies announced contributions. The Penske Corporation led the way with a $10 million donation, while both Quicken Loans/Rock Enterprises and DTE Energy chipped in $5 million.</p> Thu, 17 Jul 2014 03:20:21 +0000 Sarah Cwiek 18408 at http://michiganradio.org DIA secures $26.8 million in corporate pledges, reaches 80% of "grand bargain" goal The week in review: Art, oil, schools and money http://michiganradio.org/post/week-review-art-oil-schools-and-money <p></p><p></p><p></p><p>This <em>Week in Review</em>, while Emily Fox sits in for Rina Miller, she and Jack Lessenberry discuss how selling works from the Detroit Institute of Arts wouldn't make <a href="http://michiganradio.org/post/report-dia-collection-worth-much-46-billion">financial sense</a> in helping with the city's bankruptcy, the threat of an <a href="http://michiganradio.org/post/study-finds-oil-spill-under-mackinac-straits-would-be-deathblow-northern-michigan">oil spill </a>under the Straits of Mackinac, and <a href="http://michiganradio.org/post/so-how-big-flint-schools-deficit-depends-who-you-ask">money problems</a> with Flint Community Schools.</p><p> Sat, 12 Jul 2014 14:06:04 +0000 Emily Fox & Jack Lessenberry 18355 at http://michiganradio.org The week in review: Art, oil, schools and money Detroit "grand bargain" ballots were due today http://michiganradio.org/post/detroit-grand-bargain-ballots-were-due-today <p>Today was the deadline for Detroit retirees to vote on the city’s bankruptcy restructuring plan, known formally as a “plan of adjustment.”</p><p>The California firm tallying the votes had to receive them by today.</p><p>All creditors get to vote on the plan of adjustment. But pensioners’ votes are particularly key—especially when it comes to the future of the “grand bargain.”</p><p>That’s the deal to use more than $800 million in public and foundation money to minimize pension cuts, and protect the Detroit Institute of Arts’ collection from being sold to pay off creditors.</p> Fri, 11 Jul 2014 22:38:35 +0000 Sarah Cwiek 18353 at http://michiganradio.org Detroit "grand bargain" ballots were due today DIA collection valued up to $4.6 billion as voting approaches home stretch http://michiganradio.org/post/dia-collection-valued-46-billion-voting-approaches-home-stretch <p></p><p>A<a href="http://michiganradio.org/post/report-dia-collection-worth-much-46-billion"> new appraisal </a>of the Detroit Institute of Arts' collection has found the works could be worth between $2.7 billion and $4.6 billion dollars. That's a big difference from the $867 million value that Christie's put on the collection last fall.</p><p>Detroit News Business columnist Daniel Howes joined us to tell us what he saw in the evaluations.</p><p>Howes clarified that the $867 million valuation by Christie’s only looked at 5% of the&nbsp;DIA’s collection, whereas the new appraisal evaluated its entire collection. He also pointed out the caveat attached to the big $4.6 billion number: “If you try to sell big chunks of the collection at the same time, you likely press the prices dramatically.”</p><p> Thu, 10 Jul 2014 22:25:39 +0000 Stateside Staff 18330 at http://michiganradio.org DIA collection valued up to $4.6 billion as voting approaches home stretch Detroit is shutting off water to delinquent customers. But is everyone getting the same treatment? http://michiganradio.org/post/detroit-shutting-water-delinquent-customers-everyone-getting-same-treatment <p>In Detroit, controversy is raging over one of the few things the bankrupt city has in abundance: water.</p><p>So far this year, Detroit has shut off for 17,000 customers as it tries to collect millions in overdue bills.</p><p>But many residents are upset with how the city is going about it—and question whether some are getting special treatment.</p><p></p><p></p><p><strong>“Here we are, giving out water…and we still owe on the water bill”</strong></p> Thu, 10 Jul 2014 21:57:10 +0000 Sarah Cwiek 18337 at http://michiganradio.org Detroit is shutting off water to delinquent customers. But is everyone getting the same treatment? Report: DIA collection worth as much as $4.6 billion http://michiganradio.org/post/report-dia-collection-worth-much-46-billion <div><div><p>A New York art investment firm says, on paper, works at the Detroit Institute of Arts could be worth as much as $4.6 billion.&nbsp;But the&nbsp;<a href="http://www.detroitmi.gov/Portals/0/docs/EM/Reports/Expert%20Witness%20Report%20of%20M%20Plummer.pdf">report by&nbsp;ArtVest&nbsp;Partners</a>&nbsp;says the artwork could go for a lot less, if it's liquidated as part of the city's bankruptcy.</p> Wed, 09 Jul 2014 21:15:01 +0000 Sarah Hulett 18320 at http://michiganradio.org Report: DIA collection worth as much as $4.6 billion Detroit officials get pay raises http://michiganradio.org/post/detroit-officials-get-pay-raises <p><span style="line-height: 1.5;">Detroit emergency manager </span>Kevyn<span style="line-height: 1.5;"> Orr has </span><a href="http://www.freep.com/article/20140708/NEWS01/307080120/Kevyn-Orr-mayor-pay-increases" style="line-height: 1.5;">given the city’s leaders a pay raise.</a></p><p>Orr signed an order hiking city appointees and elected officials’ pay by 5% on June 30<sup>th</sup>. It went into effect July 1.</p><p>Detroit Mayor Mike Duggan seemed genuinely surprised to hear that news on Tuesday.</p> Wed, 09 Jul 2014 11:00:00 +0000 Sarah Cwiek 18302 at http://michiganradio.org Detroit officials get pay raises Deadline approaches for bankruptcy plan vote http://michiganradio.org/post/deadline-approaches-bankruptcy-plan-vote <p>DETROIT (AP) - The most anticipated vote in Detroit this summer isn't for a city office.</p><p></p> Sun, 06 Jul 2014 17:35:11 +0000 Associated Press 18270 at http://michiganradio.org Deadline approaches for bankruptcy plan vote Experiencing Detroit's blight digitally is getting interesting http://michiganradio.org/post/experiencing-detroits-blight-digitally-getting-interesting <p><span style="line-height: 1.5;">I timed myself and it took me a minute and 21 seconds to&nbsp;</span><a href="http://www.nytimes.com/interactive/2014/06/27/us/detroit-foreclosure-photo-mosaic.html?hp&amp;action=click&amp;pgtype=Homepage&amp;module=photo-spot-region&amp;region=photo-spot&amp;WT.nav=photo-spot&amp;_r=0" style="line-height: 1.5;">scroll through&nbsp;</a><span style="line-height: 1.5;">the images of&nbsp;</span><span style="line-height: 1.5;">Detroit's blight. Initially, I didn't even read any of the analysis that&nbsp;</span><em style="line-height: 1.5;">The</em><span style="line-height: 1.5;">&nbsp;</span><em style="line-height: 1.5;">New York Times</em><span style="line-height: 1.5;">&nbsp;provided, I just scrolled.&nbsp;</span></p><p>The <em>Times</em> has done several <a href="http://www.nytimes.com/interactive/2014/05/27/us/Defining-Blight-in-Detroit.html">interactive</a> pieces on blight in Detroit. There's been a wealth of data since the <a href="http://www.nytimes.com/interactive/2014/05/27/us/detroit-blight.html">Detroit Blight Removal Task Force Plan was published</a>.</p><p>This one really makes you realize how vast the city's housing problem actually is.</p><p>Their analysis breaks blight up geographically with different anecdotes and facts. Here are two examples:</p><p>7 Mile Road:</p><blockquote><p><span style="color: rgb(34, 34, 34); font-family: arial; font-size: small; line-height: normal;">While most of the properties on the foreclosure list were residential, about 5 percent were sites of former businesses, of which a majority were vacant lots or unoccupied structures. Many were formerly gas stations, auto body shops and car washes.&nbsp;</span></p></blockquote><p>Lenox Street:</p><blockquote><p><span style="color: rgb(34, 34, 34); font-family: arial; font-size: small; line-height: normal;">Ronald Ford Jr. says he has struggled to find work as a laborer and to pay his bills, let alone the $7,000 in property taxes that he now owes. His family bought the house in 1969, and his mother made the final mortgage payment years ago. But he said they stopped paying the taxes after she grew ill and moved into a nursing facility. &nbsp;</span></p></blockquote><p><em style="line-height: 1.5;"><span style="color: rgb(34, 34, 34); font-family: arial; font-size: small; line-height: normal;">-- Lucy Perkins, Michigan Radio Newsroom</span></em></p><p> Fri, 27 Jun 2014 15:21:49 +0000 Michigan Radio Newsroom 18187 at http://michiganradio.org Experiencing Detroit's blight digitally is getting interesting The Best Classroom Project: Helping Detroit parents navigate a confusing school landscape http://michiganradio.org/post/best-classroom-project-helping-detroit-parents-navigate-confusing-school-landscape <p>This week, the Detroit Journalism Cooperative is looking at how the city is functioning under bankruptcy.</p><p>Mayor Mike Duggan says his top priority is reversing the city’s long population decline.</p><p>But there are a couple key quality of life issues Duggan has no control over. One of them is the city’s schools.</p><p>Here’s <a href="http://bridgemi.com/2014/06/benchmark-schools/">the story of one Detroit family’s effort to find good schools.</a></p><p></p><p></p><p><strong>Meet the Hills</strong></p> Fri, 27 Jun 2014 11:00:00 +0000 Sarah Cwiek 18178 at http://michiganradio.org The Best Classroom Project: Helping Detroit parents navigate a confusing school landscape Detroit judge agrees to city tour, but asks for security precautions http://michiganradio.org/post/detroit-judge-agrees-city-tour-asks-security-precautions <p>The judge in charge of Detroit’s bankruptcy case <a href="http://www.detroitnews.com/article/20140626/METRO01/306260047/Bankruptcy-judge-favors-bus-tour-deals-some-setbacks-Syncora">tentatively agreed Thursday to tour parts of the city</a>—despite concerns about his safety.</p><p>City lawyers have been pushing Judge Steven Rhodes to take a city bus tour for some time now.</p><p>They say the judge needs to see the conditions in Detroit neighborhoods firsthand, to help him make informed decisions in the case.</p> Fri, 27 Jun 2014 10:00:00 +0000 Sarah Cwiek 18177 at http://michiganradio.org Detroit judge agrees to city tour, but asks for security precautions Weekly Political Roundup: Detroit Mayor Duggan's first six months in office http://michiganradio.org/post/weekly-political-roundup-detroit-mayor-duggans-first-six-months-office <p></p><p>The city of Detroit continues to work through bankruptcy, at the same time Mayor Mike Duggan, now six months into his term, has been working to return basic city services to residents in the city.&nbsp;</p><p>Joining us today were Ken Sikkema, Former Senate Majority Leader and Senior Policy Fellow at Public Sector Consultants and Susan Demas, publisher of Inside Michigan Politics.</p><p>Detroit remains under the emergency management of Kevyn Orr, but Duggan&nbsp;really positioned himself as more of a chief operating officer when he was running for mayor. How much of what we see happening in the city is the result of efforts by Orr and how much of it is Duggan?</p><p><em>Listen to the full interview&nbsp;above.</em></p><p> Thu, 26 Jun 2014 20:39:45 +0000 Jennifer White 18171 at http://michiganradio.org Weekly Political Roundup: Detroit Mayor Duggan's first six months in office Detroit water department defends shutoff campaign after UN criticism http://michiganradio.org/post/detroit-water-department-defends-shutoff-campaign-after-un-criticism <p>The people who run Detroit’s water system faced fierce criticism Wednesday, after the <a href="http://www.ohchr.org/EN/NewsEvents/Pages/DisplayNews.aspx?NewsID=14777&amp;LangID=E">United Nations issued a statement</a> calling the city’s mass water shutoffs a possible human rights violation.</p><p>Critics lined up to blast officials at a Board of Water Commissioners meeting for ongoing efforts to cut off customers with unpaid bills.</p><p>Many cited the UN’s assertion that “when there is genuine inability to pay, human rights simply forbids disconnections.”</p> Thu, 26 Jun 2014 11:00:00 +0000 Sarah Cwiek 18158 at http://michiganradio.org Detroit water department defends shutoff campaign after UN criticism Schuette jumps into court fight over access to Detroit retirees' personal finance data http://michiganradio.org/post/schuette-jumps-court-fight-over-access-detroit-retirees-personal-finance-data <p>Michigan Attorney General Bill Schuette is <a href="http://www.mlive.com/news/detroit/index.ssf/2014/06/attorney_general_weighs_in_on.html">jumping in the fight</a> to prevent one of Detroit’s major creditors from accessing the personal financial records of city retirees.</p><p>Bond insurer Syncora Guarantee Inc. is on the hook for hundreds of millions of dollars if Detroit’s plan for exiting bankruptcy moves forward.</p> Fri, 20 Jun 2014 23:40:24 +0000 Sarah Cwiek 18100 at http://michiganradio.org Schuette jumps into court fight over access to Detroit retirees' personal finance data Detroit announces settlement with largest union http://michiganradio.org/post/detroit-announces-settlement-largest-union <p> DETROIT (AP) - Detroit has announced settlements with its largest union and a group of unsecured bondholders.</p> Sat, 14 Jun 2014 21:16:13 +0000 The Associated Press 18001 at http://michiganradio.org Detroit announces settlement with largest union