Detroit Bankruptcy, all of us could pay - New York News

Detroit Bankruptcy, all of us could pay

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  • Detroit BankruptcyMore>>

  • Schuette endorses Detroit art deal in bankruptcy

    Schuette endorses Detroit art deal in bankruptcy

    Tuesday, June 17 2014 1:47 PM EDT2014-06-17 17:47:06 GMT
    Michigan Attorney General Bill Schuette has given his blessing to a deal that transfers control of art to the Detroit Institute of Arts.
    Michigan Attorney General Bill Schuette has given his blessing to a deal that transfers control of art to the Detroit Institute of Arts.
  • Detroit files plan to fix debt, leave bankruptcy

    Detroit files plan to fix debt, leave bankruptcy

    Friday, February 21 2014 12:49 PM EST2014-02-21 17:49:57 GMT
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
    Detroit's emergency financial manager filed a plan Friday that would bring the city out of bankruptcy, providing for the first time a detailed look at what the Motor City would look like when it finally sheds its financial burdens.
  • Gov. Snyder: 'Detroit's comeback is underway'

    Gov. Snyder: 'Detroit's comeback is underway'

    Friday, February 21 2014 11:35 AM EST2014-02-21 16:35:28 GMT
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring.
    Gov. Rick Snyder issued the following statement today on the filing of a plan of adjustment by  Detroit Emergency Manager Kevyn Orr that is part of the city's restructuring under Chapter 9 of the U.S. Bankruptcy Code.
DETROIT (WJBK) -

Leon LaBrecque, JD, CPA, CFP, CFA Managing Partner at the LJPR investment firm says everyone in Michigan could end up paying for Detroit's bankruptcy.

He spoke to Fox 2's Murray Feldman about it during a Fox 2 Newscast.

LaBrecque says the big issue is whether a bankruptcy court will allow municipal pension funds to be affected in a Chapter 9 filing.

Currently municipal pension plans are protected by the State of Michigan's Constitution. 

If the condition of payment of these funds is changed through the process of bankruptcy,  this means other cities may work to remove the pension debt from their books. 

LaBrecque says: Interest rates can rise whether EM Kevyn Orr makes a deal with secured creditors or if Detroit goes into Bankruptcy, the cost of borrowing for everyone will go up.

"This is true whether you live in West Bloomfield, Ann Arbor, Saginaw or Detroit, so now the costs for municipalities goes up and this can effect taxes for everybody in Michigan," says LaBrecque.

 

  • Local NewsLocal NewsMore>>

  • 3 NJ mayors to announce anti-crime plan

    3 NJ mayors to announce anti-crime plan

    Monday, July 28 2014 9:03 AM EDT2014-07-28 13:03:29 GMT
    The mayors of three of New Jersey's largest cities are announcing a joint initiative to combat violent crime. Newark Mayor Ras Baraka, Jersey City Mayor Steven Fulop and Paterson Mayor Jose Torres have scheduled a news conference in Jersey City for Monday afternoon to announce the plan. The news conference is being held in one of Jersey City's most crime-plagued neighborhoods.
    The mayors of three of New Jersey's largest cities are announcing a joint initiative to combat violent crime. Newark Mayor Ras Baraka, Jersey City Mayor Steven Fulop and Paterson Mayor Jose Torres have scheduled a news conference in Jersey City for Monday afternoon to announce the plan. The news conference is being held in one of Jersey City's most crime-plagued neighborhoods.
  • Man charged with shooting pet turtle

    Man charged with shooting pet turtle

    Monday, July 28 2014 8:26 AM EDT2014-07-28 12:26:19 GMT
    A Stonington man has been charged with cruelty to animals after police say he shot his girlfriend's pet turtle. Steven Richard, 31, reportedly used a BB gun to shoot the turtle in the head Friday night outside a home on Pawtucket Avenue. Police responded to the home just after 8 p.m. when a neighbor reported an argument between Richard and the woman who lives there.
    A Stonington man has been charged with cruelty to animals after police say he shot his girlfriend's pet turtle. Steven Richard, 31, reportedly used a BB gun to shoot the turtle in the head Friday night outside a home on Pawtucket Avenue. Police responded to the home just after 8 p.m. when a neighbor reported an argument between Richard and the woman who lives there.
  • Man dies trapped in elevator shaft

    Man dies trapped in elevator shaft

    Monday, July 28 2014 8:06 AM EDT2014-07-28 12:06:40 GMT
    New York City NewsNew York City News
    A man died after becoming trapped between an elevator shaft and elevator car in the Bronx, said police. Police were called to 680 Tinton Ave. in The Bronx at about 3:55 a.m. on Monday. The man was found unconscious between the 18th and 19th floors. It is not clear how the man became trapped. A police investigation was underway. The medical examiner will determine the cause of death.
    A man died after becoming trapped between an elevator shaft and elevator car in the Bronx, said police. Police were called to 680 Tinton Ave. in The Bronx at about 3:55 a.m. on Monday. The man was found unconscious between the 18th and 19th floors. It is not clear how the man became trapped. A police investigation was underway. The medical examiner will determine the cause of death.
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