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The Michigan Citizen

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Fiduciary duty to City of Detroit Municipal Corporation

To Judge Steven Rhodes: Regarding the bankruptcy of the City of Detroit Municipal Corporation, I am concerned our attorney, the Jones Day firm, has a financial conflict in representing us in negotiations and big deals with Wall Street municipal bond firms. Also, the State of Michigan and its agents, the governor and emergency manager, have financial and fiscal conflicts with the City of Detroit. Therefore, ...

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Why does Orr ignore escape hatches?

There are potential legal problems swirling around the city’s pension swaps — those agreements the city signed in 2005 in order to borrow money to pay their liabilities to the pension fund. The legal problems represent an opportunity to get out of harmful and large debt incurred by the city. Since the city was already in great debt at the time, it needed to create two entitiesable to borrow. There is uncert ...

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