City of Detroit threatens to sue banks for better loan deal - New York News

City of Detroit threatens to sue banks for better loan deal

Posted: Updated:
(WJBK) -

The city of Detroit made major threats Friday to sue banks that could possibly take all of Detroit's casino money. In fact, the judge urged all parties to this $350 million loan, and who gets the money, to negotiate.

In fact, the judge says he wants all parties to work Christmas Eve, New Year's Eve and possibly even Saturday in order to get a deal that makes sense for everybody. He also ordered Kevyn Orr to cut his holiday vacation by giving a deposition here in Detroit instead of his hometown in Washington, and that would take place on New Year's Eve.

Obviously, the judge is very serious about moving this bankruptcy along in a quick manner.

So, why the urgency?

The bottom line - Detroit needs money, but Detroit can't prefer one creditor over another. And the deal that has been kicked around right now of 75 cents for one bank just doesn't cut it with this judge.

Finally, the judge wants to keep the momentum to try to settle this case alive. He believes that if all parties work together under the pressure, both of the holidays and of the court, that this case possibly - the entire bankruptcy - could go in a major step forward.

The judge also ruled that the law challenging the emergency manager law can move forward, but he also said Kevyn Orr is protected no matter what happens in the case.

  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
  • Local NewsLocal NewsMore>>

  • Notes with swastikas and 'Uber' found in Brooklyn

    Notes with swastikas and 'Uber' found in Brooklyn

    Tuesday, September 16 2014 10:05 PM EDT2014-09-17 02:05:20 GMT
    The NYPD Hate Crimes Task Force is working to track down whoever posted dozens of stickers and fliers with swastikas and the word "Uber" in Brooklyn. The stickers and flyers filled with images of hate were placed outside a Jewish boys' school on Bedford Avenue in Brooklyn. A Shomrim safety patrol spotted the stickers on the sidewalk and in the gutters, police said.
    The NYPD Hate Crimes Task Force is working to track down whoever posted dozens of stickers and fliers with swastikas and the word "Uber" in Brooklyn. The stickers and flyers filled with images of hate were placed outside a Jewish boys' school on Bedford Avenue in Brooklyn. A Shomrim safety patrol spotted the stickers on the sidewalk and in the gutters, police said.
  • Bratton: Islamic State group threat expanding

    Bratton: Islamic State group threat expanding

    Tuesday, September 16 2014 8:43 PM EDT2014-09-17 00:43:17 GMT
    New York City has entered a "new era" of potential terror threats as hostilities between the United States and extremists from the Islamic State group intensify, Police Commissioner William Bratton said Tuesday. Bratton told reporters that there is no current information pointing to a specific threat against the city.
    New York City has entered a "new era" of potential terror threats as hostilities between the United States and extremists from the Islamic State group intensify, Police Commissioner William Bratton said Tuesday. Bratton told reporters that there is no current information pointing to a specific threat against the city.
  • High-fiving strangers in NYC

    High-fiving strangers in NYC

    Tuesday, September 16 2014 6:01 PM EDT2014-09-16 22:01:29 GMT
    Looking for a taxi cab is a common sight in the city. For some people, an outstretched arm is usually the sign for hailing a cab. A few other folks see it as something else.Meet Meir Kalmanson. He sees a hand in the air as an opportunity to lighten up a person's serious or frantic state. Meir decided to high-five his way down Fifth Avenue. The video of his rebellion of social norms has gone viral.
    Looking for a taxi cab is a common sight in the city. For some people, an outstretched arm is usually the sign for hailing a cab. A few other folks see it as something else.Meet Meir Kalmanson. He sees a hand in the air as an opportunity to lighten up a person's serious or frantic state. Meir decided to high-five his way down Fifth Avenue. The video of his rebellion of social norms has gone viral.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices