grand bargain 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 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 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 One week until deadline to vote on Detroit's bankruptcy settlement. Where do things stand? http://michiganradio.org/post/one-week-until-deadline-vote-detroits-bankruptcy-settlement-where-do-things-stand <p></p><p><span style="line-height: 1.5;">The clock is ticking.</span></p><p>Detroit's bankruptcy settlement has gotten through the State Legislature and the private foundations. Now it's all up to 32,000 city employees and retirees.</p><p>They're being asked to say "yes" to having their pensions cut, and promising not to sue the city.</p><p>In return, the pension cuts will not be as severe as they would be under what's become known as the Grand Bargain.</p><p>Michigan Radio's Detroit reporter Sarah Cwiek joined us on Stateside. She explained the transparency issue surrounding the voting process, what the different classifications of retirees mean, and what we should keep our eyes on, during next week leading up to the July 11<sup>th</sup> deadline.</p><p><em style="margin: 0px; padding: 0px; border: 0px; font-size: 15px; vertical-align: baseline; color: rgb(51, 51, 51); font-family: Georgia, Times, serif; line-height: 22px;">*Listen to full interview above.</em></p><p> Fri, 04 Jul 2014 13:49:12 +0000 Stateside Staff 18262 at http://michiganradio.org One week until deadline to vote on Detroit's bankruptcy settlement. Where do things stand? Detroit Mayor gets a lot from Lansing in his first six months, but will it last? http://michiganradio.org/post/detroit-mayor-gets-lot-lansing-his-first-six-months-will-it-last <p>It’s been almost six months since Mike Duggan took over as mayor of Detroit. He took over a city however, run by someone else: state-appointed Emergency Manager Kevyn Orr.</p><p>But, that doesn’t mean Duggan has been denied all the rites of passage of the job including the schlep to Lansing to ask the state Legislature for something. Every mayor has to do it. And Duggan had to go to Lansing with a really big ‘ask.’ We’re talking about the $195 million dollar rescue package for his city (that’s right, ‘rescue,’ ‘settlement.’ Just don’t call it a ‘bailout.’)</p><p>Getting the Republican-led state House and Senate to go along with sending almost $200 million dollars to a Democratically-controlled city was not an easy task. Fri, 27 Jun 2014 22:01:27 +0000 Zoe Clark & Rick Pluta 18193 at http://michiganradio.org Detroit Mayor gets a lot from Lansing in his first six months, but will it last? 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 automakers say they'll kick in $26 million for DIA's part of the "grand bargain" http://michiganradio.org/post/detroit-automakers-say-theyll-kick-26-million-dias-part-grand-bargain <p></p><p>Detroit automakers say they will give $26 million to the Detroit Institute of Arts, to go toward toward the "grand bargain," an effort to hasten Detroit's trip through bankruptcy.</p><p>Ford and General Motors will each contribute $10 million and Chrysler offered $6 million.</p><p>How the money will be distributed, whether in a lump sum or over the course of 20 years, is still in the air. The DIA says it will raise $100 million toward the grand bargain, and that it has already secured commitments for $70 million</p><p>Michigan Radio’s Detroit reporter Sarah Cwiek says automakers and auto families have a long history of supporting the DIA. Cwiek also says there is a subtle, but persistent, expectation that the automakers will contribute because they got a helping hand in the past.</p><p>Pensioners are voting whether they want the grand bargain;&nbsp;Cwiek says its not clear if the automakers' contributions will have any effect on the votes.&nbsp;</p><p><br /><em>*Listen to full interview above.&nbsp;</em></p><p> Tue, 10 Jun 2014 01:14:06 +0000 Stateside Staff 17920 at http://michiganradio.org Detroit automakers say they'll kick in $26 million for DIA's part of the "grand bargain" Why some Detroit pensioners' votes are worth more than others in the 'grand bargain' http://michiganradio.org/post/why-some-detroit-pensioners-votes-are-worth-more-others-grand-bargain <p></p><p>Surprisingly, perhaps, the so-called 'grand bargain' to solve Detroit’s bankruptcy sailed through the Legislature.</p><p><span style="line-height: 1.5;">Now, there is nothing to do but wait.</span></p><p><span style="line-height: 1.5;">Remember election nights in the old days, and staying up all night to find out who had won?</span></p><p><span style="line-height: 1.5;">Well, we’ve got something like that again where Detroit is concerned, except this election night will last more than a month.</span></p><p>The Detroit bankruptcy settlement now depends on the votes of 32,000 city workers and retirees. We won’t know the final result until July 11 or later. These folks are being asked to agree to have their pensions cut, and promise not to sue.</p><p>Many retirees are also being asked to pay back some annuity savings money they were improperly credited with.</p><p> Mon, 09 Jun 2014 14:17:47 +0000 Jack Lessenberry 17908 at http://michiganradio.org Why some Detroit pensioners' votes are worth more than others in the 'grand bargain' The week in review: GM, a grand bargain, and pothole limbo http://michiganradio.org/post/week-review-gm-grand-bargain-and-pothole-limbo <p></p><p>This&nbsp;<em>Week in Review,&nbsp;</em>Jack Lessenberry and Rina Miller discuss General Motor's CEO <a href="http://michiganradio.org/post/gm-ceo-says-pattern-incompetence-and-neglect-led-ignition-switch-debacle">Mary Barra's response </a>to the investigation of the faulty ignition&nbsp;switch recalls, what happens now for Detroit after the state agreed to give the city <a href="http://michiganradio.org/post/michigan-lawmakers-commit-195-million-detroits-bankruptcy-reorganization">$195</a>&nbsp;million, and an update on <a href="http://michiganradio.org/post/what-about-fixing-michigan-roads">road funding</a>.</p><p></p><p> Sat, 07 Jun 2014 12:46:00 +0000 Jack Lessenberry & Rina Miller 17893 at http://michiganradio.org The week in review: GM, a grand bargain, and pothole limbo "Grand bargain" moves forward with Detroit City Council vote to transfer DIA assets http://michiganradio.org/post/grand-bargain-moves-forward-detroit-city-council-vote-transfer-dia-assets <p>The city of Detroit moved to finalize its end of the “grand bargain” Thursday, as the Detroit City Council <a href="http://www.freep.com/article/20140605/NEWS01/306050056/detroit-bankruptcy-grand-bargain-city-council">voted to transfer the Detroit Institute of Arts’ assets </a>to a public trust.</p><p>This week, Lansing lawmakers approved $195 million toward the <a href="http://www.mlive.com/lansing-news/index.ssf/2014/06/michigan_senate_approves_histo.html">$816 million grand bargain</a>&nbsp;–&nbsp;a linchpin of Detroit’s bankruptcy restructuring plan.</p> Fri, 06 Jun 2014 10:00:00 +0000 Sarah Cwiek 17891 at http://michiganradio.org "Grand bargain" moves forward with Detroit City Council vote to transfer DIA assets Detroit wins "grand bargain," but questions remain http://michiganradio.org/post/detroit-wins-grand-bargain-questions-remain <p></p><p><span style="line-height: 1.5;">It was a big win for Detroit's bankruptcy struggle when the state Senate approved that $195 million rescue package earlier this week. That vote "sealed the deal" on the state's piece of the so-called "grand bargain."</span></p><p>But is the complicated and precarious deal a reality yet?</p><p>As Detroit News business columnist <a href="http://www.detroitnews.com/section/OPINION0301">Daniel Howes</a> explained on the show today, the answer is "no."</p><p><em style="margin: 0px; padding: 0px; border: 0px; font-size: 15px; vertical-align: baseline; color: rgb(51, 51, 51); font-family: Georgia, Times, serif; line-height: 22px;">*Listen to the full interview above.&nbsp;</em></p><p></p><p> Thu, 05 Jun 2014 22:27:47 +0000 Stateside Staff 17883 at http://michiganradio.org Detroit wins "grand bargain," but questions remain The "grand bargain" moves ahead, but it's not a done deal yet http://michiganradio.org/post/grand-bargain-moves-ahead-its-not-done-deal-yet <p></p><p>Gov. Rick Snyder says he will sign bills giving almost $200 million to Detroit’s bankruptcy settlement, after the state Senate approved the measures yesterday.</p><p>Rick Pluta is the Lansing Bureau Chief for the Michigan Public Radio Network.</p><p>He spoke with Stateside, and said the grand bargain is not a done deal. The game changer he said, is Judge Gerald Rosen.</p><p>Rosen explained the deal to lawmakers, saying the numbers were not just random. Although some Republicans still voted against most of the bills, Pluta said the explanation gave Republicans enough comfort to pass the bargain on.</p><p>Pluta said there is a possibility of a lawsuit by the city's pensioners. If the deal fails , the state could end up in court, and if they lose, the state could be held accountable for the money the pensioners lost.</p><p><span style="line-height: 1.5;">Also, Steven Henderson, editorial page editor for the Detroit Free Press, spoke with Stateside. He said Gov. Snyder will sign the bill, but it’s only one part of the whole puzzle.</span></p><p>Henderson said the only thing left is the vote of the pensioners. Henderson said pensioners are still on the edge of their decision, and many are still not excited about taking a cut.&nbsp;</p><p>*<em>Listen to full interview above.&nbsp;</em></p><p><em>- Bre'Anna Tinsley, Michigan Radio Newsroom.</em></p><p></p><p> Wed, 04 Jun 2014 21:38:53 +0000 Stateside Staff 17865 at http://michiganradio.org The "grand bargain" moves ahead, but it's not a done deal yet Good things happened in Michigan yesterday, because lawmakers acted like adults http://michiganradio.org/post/good-things-happened-michigan-yesterday-because-lawmakers-acted-adults <p></p><p><span style="color: rgb(34, 34, 34); font-family: arial; font-size: small; line-height: normal;">Yesterday was largely a good news day for our state, and how often can you say that?</span></p><p><span style="color: rgb(34, 34, 34); font-family: arial; font-size: small; line-height: normal;">The really big news, of course, was the state Senate’s remarkably fast passage of the so-called "grand bargain," the deal that gives Detroit a chance to emerge from bankruptcy without threatening the city’s art museum or utterly destroying the lives of the retirees.</span></p><p><span style="color: rgb(34, 34, 34); font-family: arial; font-size: small; line-height: normal;">And, in a development understandably overshadowed, the U.S. Coast Guard finally issued a permit for the building of the New International Trade Crossing bridge, meaning all that’s left now is for Washington to come up with money for the customs plaza.</span></p><p><span style="color: rgb(34, 34, 34); font-family: arial; font-size: small; line-height: normal;">That will be essential for Michigan’s economy in the future.</span></p><p> Wed, 04 Jun 2014 14:38:59 +0000 Jack Lessenberry 17851 at http://michiganradio.org Good things happened in Michigan yesterday, because lawmakers acted like adults Week in Michigan politics: Detroit's grand bargain, UAW dues, and roads http://michiganradio.org/post/week-michigan-politics-detroits-grand-bargain-uaw-dues-and-roads <p></p><p>This&nbsp;<em>Week in Michigan Politics,&nbsp;</em>Jack Lessenberry and Christina Shockley discuss how lawmakers approved giving&nbsp;<a href="http://michiganradio.org/post/michigan-lawmakers-commit-195-million-detroits-bankruptcy-reorganization">$195 million </a>to Detroit, <a href="http://michiganradio.org/post/auto-industry-unions-future-remains-be-seen">the state of the United Auto Workers</a>&nbsp;after members agreed to raise fees for the first time in nearly 50 years, and why lawmakers can't agree on road funding.&nbsp;</p><p></p><p> Wed, 04 Jun 2014 12:50:11 +0000 Jack Lessenberry, Christina Shockley & Emily Fox 17850 at http://michiganradio.org Week in Michigan politics: Detroit's grand bargain, UAW dues, and roads DIA vows court battle to protect museum's collection, as city tries to put a price tag on it http://michiganradio.org/post/dia-vows-court-battle-protect-museums-collection-city-tries-put-price-tag-it <p>The Detroit Institute of Arts is firing back at creditors who say the city should use the museum’s assets to pay them off.</p><p>The DIA filed a formal objection to those creditors in bankruptcy court this week, just as city lawyers acknowledged an <a href="http://www.detroitnews.com/article/20140528/METRO01/305280099/0/METRO/Detroit-bankruptcy-team-trying-put-price-tag-entire-DIA-collection">ongoing effort to put a price tag on the museum’s entire collection</a>.</p> Thu, 29 May 2014 14:59:36 +0000 Sarah Cwiek 17794 at http://michiganradio.org DIA vows court battle to protect museum's collection, as city tries to put a price tag on it Duggan: "We got enough" in grand bargain bills http://michiganradio.org/post/duggan-we-got-enough-grand-bargain-bills <p><span style="line-height: 1.5;">Detroit Mayor Mike </span>Duggan<span style="line-height: 1.5;"> says he “completely supports” the Detroit aid package being debated in Lansing, despite the conditions attached to it.</span></p> Sat, 24 May 2014 19:02:25 +0000 Sarah Cwiek 17744 at http://michiganradio.org Duggan: "We got enough" in grand bargain bills