Most people were not surprised when Judge Steven Rhodes declared Detroit eligible for bankruptcy. His basic reasoning: Detroit is in such bad shape that negotiations are futile, was perhaps not as obvious.
|Odds are high that The Thinker will remain where it is, bankruptcy ruling or not.|
Ruling pensions and DIA assets to be on the table was the pivotal points of Judge Rhodes' decision. Although he discussed a high standard for implementing pension cuts and art sales, it would not be surprising if he approved a plan Orr came up with that included those items.
This ruling is only a first step, and was going to be appealed either way. Now we know who will file the appeal and who will answer the appeal.