Detroit bankruptcy

Stateside
3:50 pm
Tue April 8, 2014

Who objected to Detroit's disclosure statement?

Yesterday was the deadline to file objections to the disclosure statement spelling out Detroit's plan to climb out of its bankruptcy hole.

And yes, objections poured in – long lists of objections to the disclosure statement.

Detroit News reporter Chad Livengood joined us today to tell us who's objecting, why, and what comes next.

Listen to the full interview above.

Law
5:30 am
Mon April 7, 2014

Key ruling expected this week in Detroit bankruptcy

Judge Steven Rhodes will make a major ruling in Detroit’s ongoing bankruptcy case this week.

Rhodes will decide whether the city can settle an interest-rate swaps deal with two major banks for $85 million.

Detroit had hoped to hedge against interest rates rising when it entered into the swaps deal on some city pension debt in 2006.

But interest rates fell to nearly 0, and Detroit has been forced to shell out about $200 million to UBS and Bank of America since 2009.

Read more
Politics & Government
8:24 am
Wed April 2, 2014

The week in Michigan politics

Credit NOAA

This Week in Michigan Politics, Jack Lessenberry and Christina Shockley discuss the impact of a fourth member of the state's congressional delegation who won't seek re-election, Medicaid expansion, President Obama's trip to Michigan to talk about the minimum wage, and Detroit's latest plan for bankruptcy.

Week in Michigan Politics interview for 4/2/14

Read more
Politics & Government
10:04 pm
Tue April 1, 2014

Orr turns up the heat on Detroit pensioners; they push back

Retirees protest outside federal court in Detroit.
Credit Sarah Cwiek / Michigan Radio

Detroit pensioners are trying to turn up the heat on emergency manager Kevyn Orr Tuesday – just as he’s doing the same thing to them.

Protesters filled the street in front of Detroit’s federal courthouse on Tuesday to slam Orr’s proposed cuts to city pensions.

Orr filed a revised version of his bankruptcy restructuring plan there Monday. An earlier version, known formally as a plan of adjustment, was filed in February.

Read more
Arts & Culture
1:25 pm
Thu March 27, 2014

Timeline: The complicated relationship between the DIA and the city of Detroit

The Detroit Institute of Arts in 1927, and the museum now.
DIA/Flickr

Even before Detroit officially filed for bankruptcy last July, many Michiganders and outsiders feared for the future of the Detroit Institute of Arts – the city’s so-called "crown jewel."

With the city in financial turmoil, the newly appointed emergency manager of Detroit started a catalog of city assets. Many feared the DIA's status as a city asset would mean part of the museum’s collection could be sold off to satisfy creditors.

Read more
Investigative
8:55 pm
Tue March 25, 2014

Detroit's emergency manager on bankruptcy developments

Detroit emergency manager Kevyn Orr spoke at the University of Michigan and took questions on the one-year anniversary of his appointment to guide the city through bankruptcy.
Credit Lester Graham / Michigan Radio

On the one-year anniversary of his appointment, Detroit’s emergency manager spoke about the latest developments in the city's bankruptcy in a speech at the University of Michigan.

One thing in the works is getting a $120 million loan from Barclays of London. A state board approved the loan today. The Detroit City Council also approved the deal, despite concerns that the money might be used to pay big-money bankruptcy consultants. But, emergency manager Kevyn Orr says, ‘not so.’

Read more
Politics & Government
6:00 am
Fri March 21, 2014

Orr looks to private sector for help with Detroit water department mess

Credit wikimedia commons

Detroit emergency manager Kevyn Orr is looking at potential private operators for the city’s water system.

Orr says the city has been forced to consider leasing the water system to a private operator because talks to create a regional authority with suburban customers broke down.

Read more
Stateside
4:41 pm
Thu March 20, 2014

Rick Pluta talks about money and March Madness

It costs a lot of money to go to college.
Steve Carmody Michigan Radio

An interview with Rick Pluta.

There is almost a billion dollars worth of state surplus. Should the state spend it or give it back to taxpayers? Should we get a rebate, or should that money be put towards fixing roads and helping schools? And what about the Detroit bankruptcy? 

Also, March Madness is upon us. President Obama chose Michigan State to win the NCAA basketball championship. But who did Governor Snyder pick?

Rick Pluta, Captiol Bureau Chief for the Michigan Public Radio Network and co-host of It's Just Politics, joined us today.

Listen to the full interview above.

Stateside
4:23 pm
Wed March 12, 2014

Explaining the DIA's 'grand bargain' – and what it means for the museum

The Detroit Institute of Arts.
user aMichiganMom Flickr

An interview with Mark Stryker.

Ninety-five years ago, the Detroit Institute of Arts was in deep, deep financial trouble.

It kept the doors open by turning over the building and its art to the thriving city of Detroit in exchange for annual funding.

And now it stands, poised to flip that arrangement upside down, hoping to cut Detroit's ownership of the DIA in order to protect its treasures from hungry creditors.

There's quite a long and complicated history between the DIA and the city.

And yet, despite nearly a century tied together, the reaction of Detroiters to the proposed spin-off of the DIA is pretty muted – certainly much different than the reaction when the state took over operations of Belle Isle.

Detroit Free Press writer Mark Stryker explored this in his piece for last Sunday's paper.

Listen to the full interview above.

Law
5:00 am
Sun March 9, 2014

Detroit bankruptcy judge delays reorganization plan trial, as city scrambles for creditor support

 

The judge overseeing Detroit’s bankruptcy case has pushed a scheduled trial on the city’s reorganization plan back by at least a month.

Judge Steven Rhodes had set a mid-June date trial date on the city’s proposed plan of adjustment. That plan is emergency manager Kevyn Orr’s basic road map for getting the city out of bankruptcy, and a key document in any municipal bankruptcy.

City lawyers had asked for the extension, reportedly to them more time to solicit votes for the plan.

Read more
Stateside
4:53 pm
Thu March 6, 2014

The lessons Detroit can learn from the rebuilding in New Orleans

New Orleans
Ron Reiring Flickr

When Hurricane Katrina slammed into New Orleans on August 29, 2005, we here in Michigan – along with the rest of America – watched in horror and shock. The scenes from New Orleans were practically beyond comprehension.

It's been eight and a half years since Katrina. New Orleans is still rebuilding and still recovering.

And, in the process, lessons have been learned that might benefit Detroit as it struggles back from bankruptcy and years of shrinking resources and population.

Writer Campbell Robertson's recent piece in the New York Times, A Lesson for Detroit in Efforts to Aid a New Orleans Devastated By Katrina, gives Detroiters and decision-makers much food for thought.

Robertson joined us today.

*Listen to the audio above.

Newsmaker Interview
4:50 pm
Tue March 4, 2014

Could foundations offering to help Detroit regret their decision?

William Schambra is the director of the Hudson Institute’s Bradley Center for Philanthropy and Civic Renewal.

  As Detroit continues to move through the bankruptcy process, an outstanding issue is a plan to protect artwork at the Detroit Institute of Arts. A group of foundations and private donors have pledged over $300 million that would help cover city pensions and offset the need to sell the artwork. 

A recent op-ed in the Chronicle of Philanthropy questions the wisdom of this plan. William Schambra is the director of the Hudson Institute’s Bradley Center for Philanthropy and Civic Renewal in Washington D.C. and he joined us today.

Listen to the interview with William Schambra.

Politics & Government
9:32 pm
Mon March 3, 2014

Detroit's "plan of adjustment" on fast track as creditors line up to object

People who oppose Detroit’s plan to reorganize in bankruptcy have until the start of next month to file objections.

One group of about 20 residents, retirees and activists picked up the paperwork to do just that at federal offices in downtown Detroit Monday.

Reverend Charles Williams II and representatives from the National Action Network led the group of people looking to file individual objections to the city’s plan of adjustment.

Read more
Stateside
4:56 pm
Thu February 27, 2014

Daniel Howes on the current state of Detroit's bankruptcy

Peter Martorano Flickr

As Mayor Duggan does the heavy lifting to get Detroit actually up on its physical "feet," the other part of its rehab is, of course, the historic bankruptcy.

So many pieces, so many players.

Detroit News Business Columnist Daniel Howes has been keeping a close eye on all of it, and he joined us today for our weekly check-in.

Listen to the full interview above.

Politics & Culture
4:55 pm
Thu February 27, 2014

Stateside for Thursday, Feb. 27, 2014

You’ve heard it before, folks, time and time again. In today's economy, the more education one attains after high school, the better, right? But what if some students might be better served in other settings, academic or otherwise? Is it time for Michigan to develop some credible alternatives for high school grads? We’ll find out more on today’s show.

Then, we spoke to Daniel Howes about his reporting on Detroit's historic bankruptcy. 

And, Fifth Third Ballpark wants to expand its concessions menu. We took a look at some of the food options fans can vote for, including deep-fried lasagna and a bacon-and-chocolate taco.

Also, how can we keep young entrepreneurs fresh out of college in Michigan? The Michigan Collegiate Innovation Prize awards them for launching their start-ups in state.

And, a new fee system for hunting and fishing goes into effect soon, and it’s the first significant raise in over 15 years. We spoke with Ed Golder of the Michigan Department of Natural Resources about what’s behind this increase.

First on the show, Detroit Mayor Michael Duggan delivered his first State of the City speech last night before a packed, invitation-only crowd. And his message was clear: We are going to change what it means to live in Detroit.

Even among those who have a "wait-and-see" attitude, the mayor's speech is being praised for what many believe is a refreshing attention to detail and the sense that a team is at work.

Detroit Free Press columnist Nancy Kaffer joined us today.

Stateside
4:25 pm
Tue February 25, 2014

Detroit bankruptcy reorganization plan in place; what's the next move for stakeholders?

Lester Graham Michigan Radio

It's been five days since emergency manager Kevyn Orr released the bankruptcy reorganization blueprint, which maps out a way to wipe out billions in debt, spend over half a billion in tearing down abandoned buildings and invest one billion to improve city services.

Now that all stakeholders have had a chance to digest the blueprint, the battle lines are being drawn.

Detroit Free Press columnist Rochelle Riley joined us today to give us a look ahead.

Listen to the full interview above.

Politics & Culture
4:19 pm
Tue February 25, 2014

Stateside for Tuesday, Feb. 25, 2014

We've almost all done it – you might have even done it just today: Made a purchase online.

But have you ever wondered why you have to pay sales tax on online purchases from some retailers like Target, but not others, like Amazon? There's new legislation in Lansing that might change that. We found out more on today's show.

Then, close your eyes. Now, picture a farmer. What comes to mind? You probably pictured a man, but more women are raising crops now in Michigan. We took a look at what's behind the rise in female farmers.

And, it was the most infamous event of one of the most painful and divisive times in Michigan's history. A new play at the Charles H. Wright Museum of African American History explores the Algiers incident which occurred during the Detroit riots. 

First on the show, it's been five days since emergency manager Kevyn Orr released the bankruptcy reorganization blueprint, which maps out a way to wipe out billions in debt, spend over half a billion in tearing down abandoned buildings and invest $1 billion to improve city services.

Now that all stakeholders have had a chance to digest the blueprint, the battle lines are being drawn.

Detroit Free Press columnist Rochelle Riley joined us today to give us a look ahead.

Detroit bankruptcy
11:46 am
Tue February 25, 2014

LIVE CHAT: Tom Sugrue takes your questions about the future of Detroit

Tom Sugrue
Department of History University of Pennsylvania

Tom Sugrue wrote the book "The Origins of the Urban Crisis: Race and Inequality in Postwar Detroit."

Sugrue is a Detroit native and a professor of history and sociology at the University of Pennsylvania. He will be one of the keynote speakers at this Thursday's Detroit Policy Conference.

Detroit Free Press business writer John Gallagher, an author of a few books on Detroit himself, is hosting an online chat with Sugrue at noon today.

Sugrue recently told Gallagher that he leans "toward the pessimistic side" on the continuum of views about the future of Detroit.

Jump in the conversation below. They'll start at noon today.

Opinion
10:39 am
Mon February 24, 2014

Pension cuts in Detroit's bankruptcy plan would be devastating and unfair

Well, the shoe finally dropped last Friday, or maybe it was a hammer. At any rate, we now know the details of Detroit’s proposed bankruptcy “plan of adjustment,” and they include pension cuts. Pretty massive pension cuts. Most pensioners would see their monthly checks cut by 34%. Police and fire retirees, whose pension fund is in better shape, lose 10%.

For many, this would be devastating. Devastating, and unfair.

There’s no doubt that Detroit’s pension funds were poorly managed. There’s also no doubt that the city was too liberal in its pension policy.

There are some folks who spent 30 years in a low-stress clerical job, and then were able to retire, move to Florida and collect a pension for life starting at age 52. That policy doesn’t make any sense even if the city of Detroit could afford it, and it never could.

My guess is that in the future, there won’t be any pensions for new city workers, just a defined contribution savings plan.

Read more
Politics & Government
7:18 am
Mon February 24, 2014

In this morning's headlines: Gay marriage, meth bills, Detroit pensions

Morning News Roundup, Thursday, Oct. 13, 2011
User: Brother O'Mara Flickr

Same sex marriage trial

Michigan’s ban on same-sex marriage goes on trial this week in Detroit. The case involves a lesbian couple who want to get married so they can jointly adopt the special needs children they’re raising together.

Bills to crack down on meth move forward

"Legislation to stop the sale of ephedrine or pseudoephedrine to people convicted of methamphetamine-related crimes is moving ahead in Lansing. The state Senate last week overwhelmingly approved bills to alert Michigan stores not to sell cold medicine containing the popular ingredients for meth production to criminals convicted of meth offenses," the Associated Press reports.

Bankruptcy plan gives safety net for pensioners

"[Detroit's] bankruptcy plan calls for cutting pensions for general city retirees by up to 30 percent. But this fund would give some of that money back to pensioners who fall close to the federal poverty line," Sarah Hulett reports.

Pages