Friday - June 14, 2013

fat lady sings, swipes her EBT, gets a 40, leaves

A team led by a state-appointed emergency manager said Friday that Detroit is defaulting on about $2.5 billion in unsecured debt and is asking creditors to take about 10 cents on the dollar of what the city owes them.

Kevyn Orr spent two hours with about 180 bond insurers, pension trustees, union representatives and other creditors in a move to avoid what bankruptcy experts have said would be the largest municipal bankruptcy in U.S. history.

Underfunded pension claims likely would get less than the 10 cents on the dollar. An assessment of the plan’s progress will come in the next 30 days or so.

Orr also announced that Detroit stopped paying on its unsecured debt Friday to “conserve cash” for police, fire and other services in the city of 700,000 people. The debt not being paid includes $39 million owed to a certificate of participation.

”We will not pay that today,” Orr told reporters after the meeting with creditors at a hotel at Detroit Metropolitan Airport in Romulus.

Nice. Looks like “our city” has been utterly sucked dry. Where will the subhuman roaches go now?

And so the next casualty of the inevitable municipal collapse appears, which is, as expected, that one-time symbol of all that was right with a (once upon a time) manufacturing America, having since been replaced with the anti-symbol of all that is broken: Detroit.

DETROIT BEGINS MORATORIUM ON ALL DEBT SERVICE PAYMENTS FOR UNSECURED FUNDED DEBT
DETROIT TO DEFAULT ON CERTIFICATES OF PARTICIPATION DUE TODAY

And, true to from in the New Normal America, where the “fairness doctrine” rules supreme under Big Brother’s watchful eye, the premise of the upcoming glorious recovery is a well-known one: “the shared-sacrifice.” To wit: “The City currently faces approximately $17 billion in total liabilities. Detroit is insolvent and cannot meet its financial obligations without a significant restructuring.  Mr. Orr’s plan provides for shared sacrifice among all creditor groups – from Wall Street and Main Street consistent with their legal rights – in order to return Detroit to a sustainable financial foundation and to permit much-needed reinvestment in the City.” The punchline: “Detroit’s road to recovery begins today"… By defaulting.

Nice. Detroit, almost solid black people, and almost solid Democrats. For 40 years now. Took the greatest, hardest working city in America, and ran it straight to shit. Things are so bad in parts of the city that the damn PRAIRIE has taken over once more. (Seriously. 1/3 of Detroit is already gone)

Emergency Manager Kevyn Orr hopes to know within 30 days whether his restructuring plan pitched to creditors Friday is enough to keep Detroit from filing the biggest municipal bankruptcy in U.S. history.

Orr spoke with reporters after a 2.5-hour closed-door meeting with about 150 representatives from banks, bondholders, unions and pension funds, all of whom were asked Friday to make steep concessions.

“I think it went well. I tried to emphasize the first clear, objective and candid view of the financial condition of the city,” Orr told reporters at the Westin Detroit Metropolitan Airport hotel.

He stuck to an earlier calculation that the odds of a Chapter 9 bankruptcy are “50-50.”

During the meeting, Orr outlined a plan for creditors to stop Detroit’s downward spiral by spending $1.25 billion on public safety and other city services, money that could come from slashing the city’s $17 billion in debt.

The historic proposal spreads painful cuts among bondholders and creditors, spins off the city’s water department and would revamp retiree pensions and health care.

In a surprise, Orr announced the city is temporarily stopping debt payments, including a $39 million bill due Friday to conserve dwindling city cash.

“We are tapped out,” Orr said.

So, what am I supposed to say? Told ya so? That’s pretty mean spirited. Some other race based observation? While utterly and completely true, that doesn’t help anything here. Actually, nothing helps anything here. Just like Birmingham, just like Camden, just like Baltimore. Same condition, same cause. How long is it going to be until we can face the truth? The WHOLE truth? My guess ... is the 13th of Never.

Most tales of the bankruptcy of Detroit, featured in newspapers and on Web sites the globe over, fail to mention that the city is now 82 percent black; that forty years of uninterrupted black political rule, once bragged about, has doomed the city.

Doomed.

With the demise of Detroit under the aegis of black people, so dies the myth of racial equality.

Our descendants will learn about this day in their history books, a moment right before the European Spring of 2013 commenced, when the city the New York Times dubbed the “black capital of nation” defaulted.

Once the “Paris of the West” and the “Arsenal of Democracy,” Detroit now represents the “Mogadishu of the West” and the “Exemplifier of Inequality” for all to see.

And that’s all, folks. Mogadishu in America. Just like Rhodesia into Zimbabwe: bread basket to basket case.

Game. Over.

Posted by Drew458     on 06/14/2013 at 06:16 PM   
Filed Under: • Democrats-Liberals-Moonbat Leftists •  
• Comments (5) • Trackbacks(0)  Permalink •  

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