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8 Items You May Have Missed About Detroit's Bankruptcy: Next Chapter Detroit



By now you should know about our Next Chapter Detroit blog. If you don't, go here.

It's a space to get the latest commentary and reports about the bankruptcy and how it not only affects us in the short-term but also the long-term implications. This post is to highlight what has happened over the last seven days on Next Chapter Detroit. Thousands of words have been posted but we've boiled it down to a few snippets to help you navigate some of the larger points. Each quote or item has a "read more" link that, just as you might expect, invites you to read more about that particular quote.

So, here are eight things we're highlighting from last week:

Feb. 15: The memo of understanding between Duggan and Emergency Manager Kevyn Orr "isn’t perfect, but it was a pretty good deal." Read more.

Feb. 16: Says Alex Nyerges, director of the Virginia Museum of Fine Arts, about the potential sale of DIA art: “a ‘forced’ sale would not only destroy the core of this great American museum, but it would betray the entire principal on which art museums were established: to hold works of art in trust and in perpetuity for their community and future generations." Read more.

Feb. 18: Duggan and Orr's relationship is a "work in progress." Read more.

Feb. 18: If you’re an unwavering union supporter or waving the flag of home rule, this team is going to raise your blood pressure. Check out a data-driven, pro-privatization breakdown of Detroit's bankruptcy. Read more.

Feb. 19: Detroit “could uproot traditional financial principles about investing in public bonds, once thought to be rock-solid debt.” Read more.

Feb. 19: “We’re more or less in uncharted territory,” says John Mousseau, executive vice president and director of fixed income and a municipal bond portfolio manager at Cumberland Advisors in Sarasota, Fla. Read more.

Feb. 19: We also pulled out a 126-year-old cast cited in bankruptcy court today. The case title “Moses Taggart, Attorney General, v. The City of Detroit,” the case involved ensuring the city used the taxes levied to pay for a public market for that purpose. Kind of like what the bond insurers are arguing: that the city should pay off general obligation bonds with taxes collected for that purpose. Read it here.

Feb. 20: "At issues is hundreds of millions of dollars the city could use for services for residents instead of paying interest to bond financiers, to put it simply. But wiping away the debt, if that occurs, would send shockwaves through the $4 trillion municipal bond market." Read more.




Find more coverage of Detroit's bankruptcy and its impact on people and neighborhoods on WDET's Next Chapter Detroit blog.

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