The city of Detroit filed for Chapter 9 bankruptcy protection in federal court Thursday, laying the groundwork for a historic effort to bail out a city that is sinking under billions of dollars in debt and decades of mismanagement, population flight and loss of tax revenue.
The bankruptcy filing makes Detroit the largest city in U.S. history to do so.
The filing begins a 30- to 90-day period that will determine whether the city is eligible for Chapter 9 protection and define how many claimants might compete for the limited settlement resources that Detroit has to offer. The bankruptcy petition would seek protection from creditors and unions who are renegotiating $18.5 billion in debt and other liabilities.
Detroit Emergency Manager Kevyn Orr made the decision to file for bankruptcy, though the plan ultimately did also require the approval of Michigan governor Rick Snyder. Orr’s spokesperson has also confirmed that the move is a direct response to two city pension funds recently filing suit to try and guarantee Detroit’s emergency manager can’t cut retiree benefits for any potential bankruptcy restructuring.
16:58 // 4 months ago
SFB: It’s hard to tell 100 percent for sure, but one thing’s for certain, which we noted at the time: The original clip cut out a few key seconds. Here’s the raw clip (fight starts around 1:30).
EDIT: HuffPo talked to others at the scene. Here’s what they said:
Ken Spitzley, a state agriculture department employee, told HuffPost that he walked to the protest at the state Capitol during a break from work and that he witnessed Crowder getting in protesters’ faces.
"He was just after everybody," said the 56-year-old Spitzley, a procurement technician whose workplace is represented by the United Auto Workers. "There was no question he was there just to start a fight, to start some kind of trouble."
Crowder denies goading the protesters.
19:04 // 12 months ago
Today in Fox News contributors getting beat up on camera: Steven Crowder, described on his Web site as “Fox News’ brightest, funniest young Conservative mind,” found himself in the middle of a crowd full of union folks (understandably upset over the passage of the Right to Work law in Michigan earlier today) who were in the midst of tearing down a tent put up by Americans for Prosperity. Crowder was there asking questions conservative in tone. There appears to be some tight edits in the clip, so we don’t know exactly what provoked it, but this much is clear: A union guy who had enough of Crowder’s you-know-what started punching him in the head.
EDIT: The raw video, which actually aired on Fox News, appears to show an interesting detail.
20:42 // 12 months ago