Perusing the official filing by Kevyn Orr, I noticed a couple of things of note about what is the largest municipal bankruptcy ever. First and most significant, the request to Governor Snyder to approve a bankruptcy filing was made two days ago, on July 16.
Second, there is a list of dangerous properties requiring demolition which is obviously not comprehensive. Less than 100 properties on the list, which we all know is not all of them.
Finally, no elected official or anyone from city government signature is anywhere in the filing. No Dave Bing. No council. No sign-off by their Corporation Counsel. Just Kevyn Orr, Jones Day, and a local law firm.
How will this affect downriver? There is speculation that municipal bond rates will cause rates for other local governments will shoot up. Since I'm of the opinion that this process was going to happen eventually, it is better to get this over with sooner rather than later. Speaking frankly, it's worth noting that Ecorse has had an EM several times, River Rouge and Allen Park currently have one, and other cities might well be on the way. So it's not like they are markedly different, except in size.
How this will all play out remains to be seen.
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