Stateside for Monday, July 22nd, 2013
On this Monday, July 22, four days after Detroit made history by filing for Chapter 9 bankruptcy, we spent the first half of the show breaking things down and figuring out where things stand in the nation's largest municipal bankruptcy ever.
And, we looked at what needs to be done to preserve and protect Michigan's rivers and lakes.
But, back to Detroit and what we know right now. A judge in Lansing will take a week to sort through arguments on whether the state Constitution protects Detroit’s pension funds from losses if the city goes bankrupt.
Ingham County Circuit Judge Rosemary Aquilina says she will decide next Monday whether Detroit's bankruptcy filing violates the state Constitution, and its protections for pension benefits.
Assuming the Chapter 9 bankruptcy goes forward, Detroit will have to figure out how to reduce billions of dollars of debt. Creditors, of course, will push for the most money they can get, which means they're eyeing some of the city's most valuable and treasured assets.