steven rhodes http://michiganradio.org en 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 Detroit bankruptcy judge ok's swaps settlement; says "now is the time to negotiate" http://michiganradio.org/post/detroit-bankruptcy-judge-oks-swaps-settlement-says-now-time-negotiate <p>Judge Steven Rhodes approved a key settlement in Detroit’s historic bankruptcy case Friday.</p><p>The deal will <a href="http://www.detroitnews.com/article/20140411/METRO01/304110047/Judge-OKs-85M-Detroit-debt-deal-2-banks?odyssey=tab|topnews|text|FRONTPAGE">settle a costly interest-rate swaps agreemen</a>t with two banks, UBS and Bank of America, for $85 million.</p><p>Emergency manager Kevyn Orr has pushed hard for such a deal. Detroit had guaranteed the swaps with casino revenue, and paid out about $200 million since 2009.</p> Sat, 12 Apr 2014 01:11:17 +0000 Sarah Cwiek 17213 at http://michiganradio.org Detroit bankruptcy judge ok's swaps settlement; says "now is the time to negotiate" The latest developments between the DIA, Detroit pensioners, and creditors http://michiganradio.org/post/latest-developments-between-dia-detroit-pensioners-and-creditors <p></p><p>There have been two big developments this week in the high-stakes showdown over Detroit's pensioners, its art treasures and creditors who hope bankruptcy judge Steven Rhodes will pressure the city to put those art treasures on the table.</p><p>There's a lot to try to sort out. So, as we do each Thursday, we spoke to Detroit News business columnist Daniel Howes.</p><p><em>Listen to the full interview above.</em></p><p> Thu, 10 Apr 2014 21:13:40 +0000 Stateside Staff 17186 at http://michiganradio.org The latest developments between the DIA, Detroit pensioners, and creditors Bankruptcy judge gives go-ahead for Detroit lighting plan http://michiganradio.org/post/bankruptcy-judge-gives-go-ahead-detroit-lighting-plan <p>DETROIT (AP) - A federal judge has cleared the way for Detroit's Public Lighting Authority to immediately sell $60 million in bonds to begin fixing thousands of broken streetlights.<br /><br />Judge Steven Rhodes issued his order Friday - three days after he allowed Detroit to become the largest U.S. city to enter bankruptcy.<br /><br />Total financing for the lighting plan is expected to reach $210 million.<br /><br />Rhodes' ruling also means $12.5 million in annual utility taxes approved by the state Legislature to back the bond sale will not be affected by the bankruptcy.<br /> Sat, 07 Dec 2013 01:44:00 +0000 The Associated Press 15588 at http://michiganradio.org What happens now for bankrupt Detroit http://michiganradio.org/post/what-happens-now-bankrupt-detroit <p></p><p>When I was growing up in the 1960s, there was a popular genre of fiction: Novels about the world when and after the presumably inevitable nuclear war happened.</p><p>One that I remember was set in rural Florida, one of the few places that avoided total destruction. The survivors set up what amounted to a working subsistence and barter economy.&nbsp;</p><p>But for some, the psychological adjustment was impossible. The town banker sat among piles of paper money that he had always revered as sacred, and which suddenly had no value whatsoever. Unable to adjust, he kills himself.</p><p>Things are not nearly that bad in Detroit. But yesterday, there were clear signals that sacred cows really are going to be sacrificed. Public pensions were thought to be sacrosanct, protected by the state constitution. Well, they aren’t, according to Federal Bankruptcy Judge Steven Rhodes. Federal law trumps state law.&nbsp;</p><p> Wed, 04 Dec 2013 18:24:30 +0000 Jack Lessenberry 15534 at http://michiganradio.org What happens now for bankrupt Detroit Detroit's bankruptcy & the municipal bond market http://michiganradio.org/post/detroits-bankruptcy-municipal-bond-market <p>The judge’s decision to let the city of <a href="http://www.npr.org/templates/story/story.php?storyId=248568485">Detroit pursue Chapter Nine bankruptcy protection</a> could have an effect on the municipal bond market.</p><p>Municipal bonds have long been viewed as one of the safest investments out there. But bond holders may be among the biggest losers in Detroit’s bankruptcy.</p> Wed, 04 Dec 2013 13:43:00 +0000 Steve Carmody 15528 at http://michiganradio.org Detroit's bankruptcy & the municipal bond market Lessenberry talks Detroit bankruptcy http://michiganradio.org/post/lessenberry-talks-detroit-bankruptcy <p>This <em>Week in Michigan Politics, </em>Jack Lessenberry and Christina Shockley discuss Detroit's bankruptcy eligibility.</p><p>As many observers expected, Judge Steven Rhodes ruled yesterday that Detroit is bankrupt, and that the city can proceed with its Chapter 9 filing.&nbsp; Judge Rhodes said the city did not negotiate in good faith with the creditors and it was clear the state planned the inevitable bankruptcy as soon as Kevyn Orr was named emergency manager for Detroit. Judge Rhodes also said public employee pensions can be cut as part of the restructuring. He also ruled Michigan's Emergency Manager law constitutional.</p><p> Wed, 04 Dec 2013 13:38:44 +0000 Jack Lessenberry, Christina Shockley & Emily Fox 15529 at http://michiganradio.org Lessenberry talks Detroit bankruptcy Detroit eligible for bankruptcy, what comes next? http://michiganradio.org/post/detroit-eligible-bankruptcy-what-comes-next <p></p><p><span style="line-height: 1.5;">&nbsp;</span>Today, Judge Steven Rhodes&nbsp;<span style="font-family: georgia, 'times new roman', times, serif; font-size: 15px; line-height: 22px;">of the United States Bankruptcy Court&nbsp;</span><span style="line-height: 1.5;">ruled that while the City of Detroit did not negotiate with creditors in good faith, it did file for bankruptcy in good faith. His ruling makes Detroit eligible to file for the largest municipal bankruptcy in this country’s history. </span></p><p><span style="line-height: 1.5;">David </span>Shepardson<span style="line-height: 1.5;">, Washington reporter with the Detroit News has been following the bankruptcy. He joined us to talk about this historic ruling, and what to watch for in the coming months.&nbsp;</span></p><p><em><span style="line-height: 1.5;">Listen to the full interview above.</span></em></p><p> Tue, 03 Dec 2013 19:18:12 +0000 Jennifer White & Mercedes Mejia 15517 at http://michiganradio.org Detroit eligible for bankruptcy, what comes next? Stateside for Monday, December 2nd, 2013 http://michiganradio.org/post/stateside-monday-december-2nd-2013 <div><p>Tomorrow will be a historic day in Detroit. That's when a federal judge will decide whether the city is eligible for Chapter 9 bankruptcy protection. On today's show, we took a look at the different ways Judge Steven Rhodes could rule.</p><p>Then, we took a look at the future of newspapers. As newsrooms get smaller, and more people hop online for information, will the industry be able to reinvent itself and keep up with the times?&nbsp;</p><p>And, the U.S. Supreme Court heard arguments this morning in a case that pits Michigan against an Upper Peninsula Indian tribe. We discussed the case with Rick&nbsp;Pluta, who is reporting from Washington D.C..</p><p>Also, we spoke to a new Michigan music duo, The Accidentals.&nbsp;</p><p>But, first on the show, the Board of State Canvassers today certified a voter-initiated petition that would put new restrictions on abortion insurance coverage in Michigan. The proposal would ban abortion coverage in standard health insurance plans. Women would only be able to purchase abortion coverage as a separate rider. The measure now goes to the state Legislature, which has 40 days to pass it. If not, it will go to voters on the 2014 ballot.</p><p>MLive&nbsp;reporter Jonathan&nbsp;Oosting&nbsp;joined us today to discuss the issue. Mon, 02 Dec 2013 21:45:13 +0000 Stateside Staff 15503 at http://michiganradio.org Stateside for Monday, December 2nd, 2013 Is Detroit eligible for bankruptcy protection? We'll find out tomorrow http://michiganradio.org/post/detroit-eligible-bankruptcy-protection-well-find-out-tomorrow <p>Tomorrow will be one for the history books, not just here in Michigan but across the nation.</p><p>Tuesday morning is when Federal Bankruptcy Judge Steven Rhodes will rule whether or not Detroit is eligible for Chapter 9 bankruptcy protection.</p><p>Detroit News reporter Chad Livengood has covered the bankruptcy trial, and he joined us today to talk about what might happen tomorrow morning.</p><p><em>Listen to the full interview above.</em></p><p> Mon, 02 Dec 2013 21:41:56 +0000 Stateside Staff 15498 at http://michiganradio.org Is Detroit eligible for bankruptcy protection? We'll find out tomorrow What happens after the Detroit bankruptcy ruling http://michiganradio.org/post/what-happens-after-detroit-bankruptcy-ruling <p></p><p>Tomorrow morning, Federal Bankruptcy Judge Steven Rhodes will announce whether or not Detroit can file for bankruptcy. If, as expected, he does authorize this, it will mean grim times ahead.</p><p>The city almost certainly will lose some assets; creditors will get paid only a fraction of what they are owed, and elderly and retired city workers may lose at least some of their pensions.</p><p>None of this will be easy, or fun. But we all have to hope that is exactly what the judge does. Otherwise, the city will be in the position of a dying lamb among a flock of turkey buzzards.</p><p>The city has close to 100,000 creditors who together are owed probably more than $18 billion. If the judge rules Detroit is ineligible for bankruptcy, then that will take the freeze off all the lawsuits creditors filed against the city before the Motor City asked for bankruptcy protection back in July.&nbsp;</p><p> Mon, 02 Dec 2013 13:22:57 +0000 Jack Lessenberry 15495 at http://michiganradio.org What happens after the Detroit bankruptcy ruling Detroit bankruptcy judge rejects bid to keep loan terms secret http://michiganradio.org/post/detroit-bankruptcy-judge-rejects-bid-keep-loan-terms-secret <p>The judge in Detroit’s bankruptcy case has denied a bid to keep some details of a controversial loan agreement secret.</p><p>Judge Steven Rhodes ruled Thursday that the city must disclose all the terms of a proposed loan from the British financial giant Barclays. That loan deal is as complex as it is controversial.</p> Fri, 15 Nov 2013 12:00:00 +0000 Sarah Cwiek 15298 at http://michiganradio.org Detroit bankruptcy judge rejects bid to keep loan terms secret Judge will soon decide whether Detroit will get bankruptcy protection http://michiganradio.org/post/judge-will-soon-decide-whether-detroit-will-get-bankruptcy-protection <p>Today is the last day U.S. Bankruptcy Judge Steven Rhodes will accept documents from all sides of the Detroit bankruptcy case.</p><p>Rhodes will then look at all the evidence and decide whether the city of Detroit can reorganize itself under Chapter 9 bankruptcy laws.<span style="line-height: 1.5;">&nbsp;</span></p><p>Rhodes has heard a lot. The city's future path will be up to him.</p><p>His decision will be based upon a) whether the city truly has no other options to pay its debts, a b) whether the city negotiated in good faith with its creditors prior to saying bankruptcy was the only way.</p><p>No one seems to be arguing that the city has a viable way to pay its debts. And Daniel&nbsp;Howes of the <a href="http://www.detroitnews.com/article/20131113/BIZ/311130016/Good-faith-bargaining-not-easy-define-Detroit-bankruptcy-case?odyssey=tab|topnews|text|FRONTPAGE">Detroit News</a> argues that defining "good faith" negotiations in exceedingly difficult in this case.</p><p>That's because Detroit owes money to nearly 100,000 creditors.</p><p> Wed, 13 Nov 2013 18:03:55 +0000 Mark Brush 15263 at http://michiganradio.org Judge will soon decide whether Detroit will get bankruptcy protection Former state Treasurer Andy Dillon finishes Detroit bankruptcy testimony http://michiganradio.org/post/former-state-treasurer-andy-dillon-finishes-detroit-bankruptcy-testimony <p dir="ltr" style="line-height:1.15;margin-top:0pt;margin-bottom:0pt;"><span style="color: rgb(34, 34, 34); font-family: arial; font-size: small; line-height: normal;">Former state Treasurer Andy Dillon finished his testimonial in Detroit’s bankruptcy trial, bringing his three-day testimonial to a close.</span><br style="color: rgb(34, 34, 34); font-family: arial; font-size: small; line-height: normal;" /><br /><span style="color: rgb(34, 34, 34); font-family: arial; font-size: small; line-height: normal;">On Tuesday, Dillon defended his recommendation for Detroit’s bankruptcy filing, saying it was a “last-resort option.” But some of Detroit's creditors are arguing that the decision to file for Chapter 9 bankruptcy was not exactly a last resort, but instead a quick decision that overlooked an opportunity to continue negotiations.</span></p><p dir="ltr" style="line-height:1.15;margin-top:0pt;margin-bottom:0pt;"> Thu, 07 Nov 2013 18:50:49 +0000 Michigan Radio Newsroom 15179 at http://michiganradio.org Former state Treasurer Andy Dillon finishes Detroit bankruptcy testimony Detroit, bankruptcy creditors talking in private http://michiganradio.org/post/detroit-bankruptcy-creditors-talking-private <p>DETROIT (AP) - While a judge determines the future of Detroit's bankruptcy case, key people are meeting behind the scenes to try to reach deals.<br /><br />Private mediation sessions are scheduled for Wednesday, at the same time the city tries to convince a judge that Detroit is eligible to fix its debts in bankruptcy court. The trial in front of Judge Steven Rhodes started on Oct. 23.<br /> Sat, 02 Nov 2013 19:49:00 +0000 The Associated Press 15100 at http://michiganradio.org Detroit, bankruptcy creditors talking in private Detroit City Council has no alternative to $350M loan plan to pay off city's debt http://michiganradio.org/post/detroit-city-council-has-no-alternative-350m-loan-plan-pay-citys-debt <p>DETROIT (AP) - The Detroit City Council has decided not to push an alternative to a $350 million loan designed to help the city pay off some of its massive pension debt.<br /><br />Council members on Friday discussed the competing plan to the post-bankruptcy petition financial proposal engineered by state-appointed emergency manager Kevyn Orr.<br /><br />About $230 million from Barclays would be used to fully pay off a complicated pension debt deal involving two major creditors. The rest would be used to improve basic city services.<br /> Sat, 26 Oct 2013 12:41:00 +0000 The Associated Press 15009 at http://michiganradio.org Detroit City Council has no alternative to $350M loan plan to pay off city's debt What can we expect from the Detroit bankruptcy trial? http://michiganradio.org/post/what-can-we-expect-detroit-bankruptcy-trial <p>Is Detroit really broke?</p><p>That’s the question before Federal Bankruptcy Judge Steven Rhodes as Detroit’s bankruptcy eligibility trial began today. His ruling could open the door for the City of Detroit blowing up billions of dollars in debt and liabilities.</p><p>As has been the case ever since the bankruptcy filing on July 18<sup>th</sup>, this is all being closely watched from coast to coast. History is being written in Judge Rhodes' courtroom.</p><p>Daniel Howes, Detroit News Business Columnist, and the former Chief of Communications for the City of Detroit, Karen Dumas, joined us today to talk about what this trial means and what we might see.</p><p><em>Listen to the full interview above.</em></p><p> Wed, 23 Oct 2013 19:33:21 +0000 Stateside Staff 14963 at http://michiganradio.org What can we expect from the Detroit bankruptcy trial? Detroit bankruptcy on trial http://michiganradio.org/post/detroit-bankruptcy-trial <p></p><p>Well, today is the day that the City of Detroit goes to court. Bankruptcy court, that is. Not to settle the final details of what will happen, but to ask the judge to allow it to declare bankruptcy.</p><p>This has been going on so long now that there’s a tendency to take Detroit bankruptcy as an established fact. In fact, all that has happened is that the Emergency Manager, Kevyn Orr, filed a petition in July asking to be allowed to declare bankruptcy. Since then, we’ve been treated to a long series of revelations that make bankruptcy appear the only option.</p><p>Detroit has close to $20 billion dollars in unfunded liabilities, and next to no assets. It wouldn’t make much of a dent if they sold the entire collection of the Detroit Institute of Arts, and then sold the building to a billionaire who wanted a mausoleum.</p><p> Wed, 23 Oct 2013 12:49:09 +0000 Jack Lessenberry 14959 at http://michiganradio.org Detroit bankruptcy on trial Michigan Attorney General intends to intervene on behalf of Detroit pensioners http://michiganradio.org/post/michigan-attorney-general-intends-intervene-behalf-detroit-pensioners <p>Last week, Michigan Attorney General Bill Schuette did something many found startling, especially those politically liberal.&nbsp;Schuette announced that in Detroit's bankruptcy filing he intended to intervene on behalf of those who have pensions coming.</p><p> Mon, 29 Jul 2013 12:53:48 +0000 Jack Lessenberry 13728 at http://michiganradio.org Michigan Attorney General intends to intervene on behalf of Detroit pensioners This week in Michigan politics: Detroit's bankruptcy case, Judge Steven Rhodes, dissolving schools http://michiganradio.org/post/week-michigan-politics-detroits-bankruptcy-case-judge-steven-rhodes-dissolving-schools <p>This week in Michigan politics, Jack Lessenberry and Emily Fox discuss the legality of <a href="http://www.michiganradio.org/post/city-detroit-files-federal-bankruptcy-protection">Detroit's filing for bankruptcy</a>, <a href="http://www.michiganradio.org/post/what-can-we-expect-judge-steven-rhodes">Judge Steven Rhodes</a> and the first federal bankruptcy hearing today, and the fate of <a href="http://www.michiganradio.org/post/buena-vista-inkster-school-districts-be-dissolved">Buena Vista and Inkster school districts</a>.</p><p> Wed, 24 Jul 2013 12:37:11 +0000 Jack Lessenberry, Emily Fox & Michigan Radio Newsroom 13665 at http://michiganradio.org This week in Michigan politics: Detroit's bankruptcy case, Judge Steven Rhodes, dissolving schools