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Sep 3, 2014
09/14
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ALJAZAM
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and kevin orr goes out of office on september 27th, now, kevin orr's stat sus sort of a side show.y'll probably extends it by consents. the greater issue will be this latitude that judge rhodes has in making an assessment of unfair discrimination because there is real know precedents in the chapter 9 book what count of unfair discrimination. you are allowed to discriminate saying i am giving this more than that guy because i think there is a good reason for it. you might make an argument for the city this grants bargain is trying to favor pension holders we wouldn't get the money if it weren't going to pensioners. it's discrimination, but it's fair discrimination. it's justified. and the judge just has to listen and make his best judgment on whether it's fair or unfair. even as he's deciding it they are still now mediating trying to reach an agreement with the bond holders hoping if at the last minute the eve of trial they can get a bonds holder buy in that they will withdraw the unfair discrimination objection and a much cleaner case would go to the judge but that hasn't hatched y
and kevin orr goes out of office on september 27th, now, kevin orr's stat sus sort of a side show.y'll probably extends it by consents. the greater issue will be this latitude that judge rhodes has in making an assessment of unfair discrimination because there is real know precedents in the chapter 9 book what count of unfair discrimination. you are allowed to discriminate saying i am giving this more than that guy because i think there is a good reason for it. you might make an argument for...
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Sep 9, 2014
09/14
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ALJAZAM
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. >> detroit's emergency manager, kevin, orr wants $7 billion in debt relief and $1.5 billion in city services. on the current plan some retired city works could see cuts to their pensions. >> everyone who works and one of our benefits. we worked hard and made plans accordingly. >> within the city blueprint plan is the grand bargain. the bargain would let detroit accept $800 million over the next two decades from the state, non-profits and donors from the detroit institute of art. it would help to reduce pension cuts and transfer the city art. some don't like the bargain because the art work is worth billions and could be sold. >> part of the problem is whether it's pensioners or any other creditors the pot is so only big to go around. you'll see creditors potentially trying to grab whatever they can to satisfy debts owed to them. >> reporter: how to fix city services is in the recovery plan. detroit announced a new water deal asking surrounding counties to join the great lakes water authority. >> the mayor of detroit and the county executive wayne county, the county executive of oakl
. >> detroit's emergency manager, kevin, orr wants $7 billion in debt relief and $1.5 billion in city services. on the current plan some retired city works could see cuts to their pensions. >> everyone who works and one of our benefits. we worked hard and made plans accordingly. >> within the city blueprint plan is the grand bargain. the bargain would let detroit accept $800 million over the next two decades from the state, non-profits and donors from the detroit institute of...
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Sep 7, 2014
09/14
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ALJAZAM
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detroit emergency manager kevin orr wants to cut $12 billion of debt to about $5 billion. those debts come at the expense of thousands of retirees who tend to lose 5% or more of their pension. >> the retirees should never have been included in this. the michigan constitution guarantees our pension. >> there are a lot of things we could have recommended that could improve these services that could improve the cash flow. the city has a cash flow problem. >> reporter: the plan which includes a spinoff of the detroit institute of arts, would also pay some creditor creditors than 10 cents on the dollar. sincora tends to lose tens of millions of dollars. >> we're going to fight to the end and not going to agree to anything short of what we want. >> and detroit as part of its restructuring, the city wants to reinvest more than $1 billion over the next ten years to tear down blighted homes and improve city services. detroit's cfo testified that unless an ambitious plan is set in place, to cut cost and improve revenues, the plan may not be there. if the judge rejects the city's pla
detroit emergency manager kevin orr wants to cut $12 billion of debt to about $5 billion. those debts come at the expense of thousands of retirees who tend to lose 5% or more of their pension. >> the retirees should never have been included in this. the michigan constitution guarantees our pension. >> there are a lot of things we could have recommended that could improve these services that could improve the cash flow. the city has a cash flow problem. >> reporter: the plan...
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Sep 7, 2014
09/14
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ALJAZAM
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detroit emergency manager kevin orr wants to cut 12 blunt of debt to $5 billion.se cuts come at the expense of thousands of retirees, who stand to lose 5% or more of their monthly pension. >> the retirees should never have been included in this. the michigan constitution guarantees our possessions. >> there's a number of things i could ever recommended, and a lot of other people could have to improve city services, increase the cash flow. the city had a cash flow problem. >> the plan which includes a spin off of the detroit institute of art in exchange for state and private funds would pay some creditors less than 10 cents on the dollar. a major bond insurer consideringing against the plan stands to lose hundred was millions of dollars. >> it may be that they're taking the approach that we have nothing to lose, so we're going to fight to the end and we're not going to agree to anything short of what we want. >> detroit could fall short of its proposal. as part of its restructuring, the city wants to reinvest more than $1 billion over the next 10 years to tear down
detroit emergency manager kevin orr wants to cut 12 blunt of debt to $5 billion.se cuts come at the expense of thousands of retirees, who stand to lose 5% or more of their monthly pension. >> the retirees should never have been included in this. the michigan constitution guarantees our possessions. >> there's a number of things i could ever recommended, and a lot of other people could have to improve city services, increase the cash flow. the city had a cash flow problem. >>...
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Sep 19, 2014
09/14
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MSNBCW
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. >> the job of getting detroit out of massive debt, falls to kevin orr, appointed to oversee the city's midst of an $18 billion reorganization for detroit. the largest ever for an american city. >> it's got complicated history. we've had some political intrigue at municipal government level. also the macro economic trends of huge depopulation of the industrial workforce here in the midwest. >> does anybody think it's okay to have 40-year-old trees growing through the roofs of dilapidated houses? does anybody think they can call the police and have them not come on time? >> it's aimed at wiping out detroit's debt. he's trading for a chance to bring the city back from financial ruin. the plan also seeks to block any attempt to sell the priceless works of art in the city-owned detroit institute of arts. seen by many as a cultural landmark. >> so, the grand bargain is an idea where the state kicks in some money and philanthropic institutes kick in some money. that money goes towards keeping the artwork out of liquidation and the proceeds of that money go to help defraying the cost of pensio
. >> the job of getting detroit out of massive debt, falls to kevin orr, appointed to oversee the city's midst of an $18 billion reorganization for detroit. the largest ever for an american city. >> it's got complicated history. we've had some political intrigue at municipal government level. also the macro economic trends of huge depopulation of the industrial workforce here in the midwest. >> does anybody think it's okay to have 40-year-old trees growing through the roofs of...
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Sep 3, 2014
09/14
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ALJAZAM
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. >> reporter: detroit emergency manager kevin orr's plan would also slash what the city will pay otherd torque. a major bonds insurer stands to lose hundreds of millions of dollars. >> it may be they are taking the approach that we have nothing to lose and we are going to find to the end and not agree to anything short of what we want. >> reporter: the judge is expected to hear from about 80 witnesses with the stream of evidence that could take more than a month to present. his job will be to make sure the plan is legal, and fair. if he doesn't approve it's back to the drawing board for all parties. bisi onile-erie, al jazerra, detroit. >>> coming up, our image of the day. plus gone but not forgotten. efforts to save an iconic movie set. 75 years later. >> meteorologist: today was an extremely warm day across the much of the north cease, some cities saw highest temperatures they have seen all summer long, including new york at 92 degrees. people took to any means they could to cool off across the city. staying in the shade in the parks. and we are now looking at severe weather push ago
. >> reporter: detroit emergency manager kevin orr's plan would also slash what the city will pay otherd torque. a major bonds insurer stands to lose hundreds of millions of dollars. >> it may be they are taking the approach that we have nothing to lose and we are going to find to the end and not agree to anything short of what we want. >> reporter: the judge is expected to hear from about 80 witnesses with the stream of evidence that could take more than a month to present....
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Sep 3, 2014
09/14
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ALJAZAM
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. >> detroit emergency manager kevin orr's plan would slash what the city will pay other creditors, a major bond insurer stands to loose hundreds of millions of dollars. >> they may be taking an approach that we have nothing to lose so we're going to fight to the end and not agree to anything short of what we want. >> the judge is expected to hear from about 80 witnesses with a stream of evidence that could take more than a month to present. his job will be to make sure the plan is legal and fair, and if he doesn't approve, it will be back to the drawing board for all parties. at this point, detroit is on the fast track through this bankruptcy process. other cities in similar situations usually don't get to this .2, three years out. i am told that detroit's financial officer could be the first person to take the stand. back to you. >> bisi onile-ere live in detroit. thank you very much. >> widespread wind damage could do more harm today. >> let's they can to find out who's going to be affected. >> these pictures out of georgia show wind damage. these are straight line wind damage and
. >> detroit emergency manager kevin orr's plan would slash what the city will pay other creditors, a major bond insurer stands to loose hundreds of millions of dollars. >> they may be taking an approach that we have nothing to lose so we're going to fight to the end and not agree to anything short of what we want. >> the judge is expected to hear from about 80 witnesses with a stream of evidence that could take more than a month to present. his job will be to make sure the...