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Tag: Assets

It Has To Be Painful

By JGillman, Section News
Posted on Fri May 24, 2013 at 08:34:54 AM EST
Tags: Michigan, DIA, Detroit, Bankruptcy, What Do You Expect?, Treasures, Responsibility, Assets (all tags)

Or else no one learns a damned thing.

Detroit's assets and connected operations are ALL potential targets of a chapter 9 bankruptcy. Wheter its the electric service or an island, OR a publicly financed display of polished feces on a marble stand. The Detroit News reports of Kevyn Orr's warning to Detroit Administration that nothing is 'off the table':

" The city's new emergency manager has told the Detroit Institute of Arts it may "face exposure to creditors" if the city is forced to seek bankruptcy protection, a spokesman said Thursday night.
"This is a precautionary measure," said Bill Nowling, spokesman for Kevyn Orr, the city's emergency manager.
Nowling said while there is "no plan on the table to sell any asset of the city ... it is possible that the city's creditors could demand the city use its assets to settle its debts."

And why wouldn't they?

All of the warnings of financial collapse to the Detroit administration and city council have fallen on deaf ears for decades. For those same decades, the answer has been to personally raid the city piggy bank, allow infrastructure to fail, and the voters have rewarded that decision making with reelection and support; reinforcing bad decision making.

Clearly its time to cut the city loose to its destined end.

A little hard love could go a long way.

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