Tuesday, June 11, 2013

EFM Orr Announces What We Already Know: Detroit Is Insolvent

Even as he announced that Detroit is insolvent he instructed creditors that they couldn't bring phones or recording devices to their initial meeting with him.

The Detroit Free Press: Orr to Detroit creditors: Don't bring phones to meeting on Friday

Methinks some ugly back-room deals that Orr doesn't want to get out in public are about to go down.

A letter from Kevyn Orr, the city of Detroit’s emergency manager, tells the city’s creditors to come without cell phones, cameras or recording devices to a Friday meeting to discuss his restructuring plan for the city, the Free Press has learned.

In a letter dated June 6 from Cleveland-based law firm Jones Day, creditors are also told that no group, company or institution is allowed to send more than two representatives and that “proof of identification and affiliation is required.”

According to the letter, from Dan Moss at Jones Day, Orr wants to discuss his restructuring plan for the city with creditors at a Friday meeting that starts at 10 a.m. at the Westin Hotel at Detroit Metropolitan Airport.

Well, at least they'll be meeting at a very nice hotel, one that is likely quite inconvenient for protesters to access.

The facts however are clear that Detroit is indeed insolvent and either going to go bankrupt or Or will try and get the City's creditors to take some neck-level haircuts.

Orr said the city spends more money than it takes in and is insolvent because it continues to borrow money to pay its bills.

The end result of unchecked corrupt Democrat Detroit certainly isn't pretty, and it's likely is going to become a whole lot uglier.

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