Detroit Bankruptcy - An Update Summer 2014

I have highlighted below the segments that I believe to be of greatest interest. Skimming the rest will give you an idea of how complicated this bankruptcy is with so many competing agendas. I still don't believe that DIA is secure - especially with that new appraised value of  the collection at nearly 8.5 billion dollars.


WASHINGTON (AFP).- The Detroit Institute of Arts said Monday that the three largest US automakers have pledged $26 million to save bankrupt Detroit's world-class collection of art for the public.
General Motors and Ford Motor pledged $10 million each while Chrysler, smaller than the other two, pledged $6.0 million to help the DIA avoid having to sell off paintings by Degas, Cezanne
and others to pay the city's debts.
The money from the Detroit Big Three will go toward the $100 million the institute committed to raise in an agreement with mediators of the city's "grand bargain" bankruptcy restructuring.
"This exemplary leadership, along with that of other donors yet to participate in this critically important initiative, will provide the additional momentum and excitement necessary for the
DIA to satisfy its $100 million grand bargain pledge," said Eugene Gargaro, DIA board chairman, in a statement.


DETROIT


2:30 PM, Aug. 1, 2014
METRO AND STATE
Wayne County
By Chad Livengood The Detroit News
Appeals court freezes Detroit bankruptcy appeals
At the request of Detroit's creditors, the Sixth Circuit Court of Appeals on Friday froze pending appeals related to the city's eligibility for bankruptcy and ability to reduce pensions.
 
11:23 PM, Jul. 31, 2014
BUSINESS
By Daniel Howes
Detroit narratives don't tell real story
A Michigan-born friend who lives in New York City now loves to remind me that few cities fascinate the Big Apple and its media more than Detroit, especially once its dysfunction became the epicenter of American bankruptcy.


7:34 PM, Jul. 31, 2014
METRO AND STATE
Wayne County
By Chad Livengood The Detroit News
Creditor groups ask federal court to delay action on Detroit bankruptcy appeals
Five major Detroit creditor groups representing pensioners joined the city and State of Michigan on Thursday in asking a federal court to delay action on appeals or risk jeopardizing the bankruptcy 'grand bargain.'
 
11:41 PM, Jul. 30, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Appeals court wary of Syncora bid to block Detroit casino cash
Cincinnati A panel of federal appeals court judges Wednesday had some criticism for a bond insurer's bid to block Detroit from accessing casino revenue, with one judge calling the creditor's efforts 'fairly Draconian.'


10:48 AM, Jul. 30, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Detroit drops proposal for bankruptcy 'plan monitor'
The city dropped plans late Tuesday to install a court-appointed official to oversee compliance with Emergency Manager Kevyn Orr's plan to shed more than $7 billion in debt.


4:37 PM, Jul. 29, 2014
METRO AND STATE
Wayne County
By Christine Ferretti The Detroit News
Detroit City Council rejects Orr request for bids on parking department
The City Council on Tuesday turned down a request from Emergency Manager Kevyn Orr to solicit proposals from bidders interested in running or buying Detroit's municipal parking department.
 
11:57 PM, Jul. 29, 2014
METRO AND STATE
Wayne County
By Chad Livengood and Robert Snell The Detroit News
Judge sets Thursday deadline for bankruptcy eligibility challenges
A federal appeals court judge late Tuesday challenged creditors to decide within 48 hours if they'll continue to contest Detroit's eligibility for bankruptcy and its plan to cut pensions.


9:06 PM, Jul. 29, 2014
METRO AND STATE
Wayne County
By Chad Livengood Detroit News Lansing Bureau
Trial on Detroit debt-cutting plan delayed by another week
U.S. Bankruptcy Judge Steven Rhodes on Tuesday delayed by another week the trial over Detroit's debt-cutting bankruptcy exit plan.
 
*8:35 PM, Jul. 27, 2014
METRO AND STATE
Wayne County
By Michael H. Hodges Detroit News Fine Arts Writer
Report for Detroit creditor nearly doubles value of DIA collection at $8.5B
Detroit A new report analyzing the collection at the Detroit Institute of Arts almost doubles previous estimates of what the works are worth, putting their value at $8.5 billion. An earlier report put the value of the museum's 66,000 objects somewhere between $2.76 billion and $4.6 billion.

 
11:15 PM, Jul. 25, 2014
METRO AND STATE
Wayne County
By Robert Snell and Chad Livengood The Detroit News
Revised Detroit debt plan calls for 'plan monitor' with subpoena power
Detroit could be under prolonged and apparently unprecedented court oversight if the city successfully emerges from bankruptcy court this fall, according to a plan proposed Friday.
 
11:57 PM, Jul. 25, 2014
METRO AND STATE
Wayne County
By David Shepardson Detroit News Washington Bureau
Moody's: Troubled Michigan cities may follow Detroit Chapter 9 plan
Moody's Investors Service says a successful resolution of Detroit's Chapter 9 bankruptcy restructuring may prompt other financially troubled Michigan cities to follow suit.


11:30 PM, Jul. 22, 2014
METRO AND STATE
Wayne County
By Robert Snell, Chad Livengood and Christine Ferretti The Detroit News
Bond insurers grow 'more isolated' in opposition to Detroit's 'grand bargain'
Detroit — Bond insurers say they'll continue fighting the city's plan to dump $7 billion in debt and favor pensioners over financial creditors, but chances are they'll ...
 
10:49 AM, Jul. 22, 2014
METRO AND STATE
Wayne County
By Chad Livengood and David Shepardson The Detroit News
Detroit's debt-cutting plan gets big but not complete support
Retired and current workers have officially approved modest reductions in their pensions — a feat that seemed inconceivable a year ago when Detroit took ...
 
*9:44 AM, Jul. 19, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Trading gavel for guitar, Detroit bankruptcy judge Rhodes doesn't miss a beat
Detroit The 29-song setlist is packed with tunes to go broke to. There's 'Gimme Some Lovin'' for impaired creditors and 'Keep Your Hands to Yourself,' for secured ...

 
9:17 PM, Jul. 18, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Creditor again asks judge to delay Detroit bankruptcy trial
Detroit A holdout creditor asked Detroit's bankruptcy judge late Friday to delay a trial over the city's plan to cut $7 billion in debt until late September.
 
10:12 AM, Jul. 18, 2014
METRO AND STATE
Wayne County
By Darren A. Nichols and Christine Ferretti The Detroit News
Detroit services improving, but neighborhoods slow to see change
City services are starting to improve one year after Detroit filed the nation's largest municipal bankruptcy. But residents and city officials agree ...
 
5:48 PM, Jul. 17, 2014
METRO AND STATE
Wayne County
By Christine Ferretti The Detroit News
Macomb drainage district seeks bigger claim in Detroit bankruptcy
Detroit — The city's bankruptcy judge is expected to decide Monday on a Macomb County creditor's request to increase the value of its claim, a move that could ...
 
8:24 AM, Jul. 17, 2014
BUSINESS
By Daniel Howes
First year of Detroit's bankruptcy could have been much worse
There will be no celebrations at 4:06 p.m. Friday, only quiet acknowledgment that the largest municipal bankruptcy in American history is marking its first ...
 
10:53 PM, Jul. 16, 2014
METRO AND STATE
Wayne County
By Chad Livengood The Detroit News
Firefighters union seeks to stop Detroit restructuring over bargaining rights
Detroit The city's last remaining major labor union that hasn't reached a contract deal in bankruptcy was in court Wednesday arguing Detroit's changes to pensions for ...
 
*10:35 PM, Jul. 16, 2014
METRO AND STATE
Wayne County
By Michael H. Hodges Detroit News Fine Arts Writer
DIA secures 80% of its part of grand bargain
The Detroit Institute of Arts announced Wednesday that it's secured commitments for 80 percent of the $100 million the museum is responsible for raising as ...

 
6:22 PM, Jul. 15, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Detroit residents plead with judge to keep pensions, benefits intact
More than a dozen retirees and Detroit residents urged the city's bankruptcy judge Tuesday to spare pensions and health care benefits from being cut and one ...
 
6:52 PM, Jul. 14, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Detroit ordered to pay $10K for sharing confidential documents
The bankrupt city was ordered Monday to pay $10,000 for inadvertently sharing confidential documents about closed-door negotiations among creditors.
 
10:44 AM, Jul. 12, 2014
METRO AND STATE
Wayne County
By Robert Snell and David Shepardson The Detroit News
Sources: Detroit's debt-cutting plan headed for approval by retirees
The city's $7 billion debt-cutting plan appeared to have the support of Detroit retirees on Friday after early returns showed pensioners favoring the proposal ...
 
10:24 PM, Jul. 10, 2014
METRO AND STATE
Wayne County
By Robert Snell and Christine Ferretti The Detroit News
Detroit plans $7 billion debt cut in bankruptcy
Detroit A consultant working on Detroit's restructuring will pocket a $28 million bonus if the city successfully emerges from the biggest municipal bankruptcy in U.S. ...
 
6:33 PM, Jul. 10, 2014
METRO AND STATE
Wayne County
By Candice Williams The Detroit News
8 arrested during protest over Detroit water shut-offs
Detroit police arrested eight people Thursday for misdemeanor disorderly conduct as they protested against the city's water shut-off policy.
 
*10:05 PM, Jul. 9, 2014
BUSINESS
By Daniel Howes
New DIA art evaluation is unlikely to unravel 'grand bargain'
The DIA is not home free. Not after a valuation of its prodigious collection concluded the museum’s 60,000-piece collection could be worth as much as $4.6B.

 
*2:50 PM, Jul. 9, 2014
ENTERTAINMENT
VISUAL ARTS + FESTIVALS
By Michael H. Hodges Detroit News Fine Arts Writer
Report: Total value of DIA art ranges from $1.1B to $4.6B
A New York art investment firm brought in to appraise the full collection at the Detroit Institute of Arts puts its total value between $1.1 billion and $4.6 ...



11:02 PM, Jul. 8, 2014
METRO AND STATE
Wayne County
By Robert Snell and David Shepardson The Detroit News
Detroit reaches key labor deal with police union amid bankruptcy
The city reached an agreement late Tuesday with a key police union that could speed the city's exit from bankruptcy and shorten next month's trial over ...

8:28 PM, Jul. 3, 2014
BUSINESS
By Daniel Howes
Detroit needs deal with creditors, not victory
If the city's obvious pressure campaign doesn't produce the negotiated settlement its lawyers seek, they could find their client with a victory it does not ...
 
9:05 PM, Jul. 3, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Detroit bankruptcy hearing set as deadline for voting on pension, benefit cuts nears
Detroit — Retirees and other creditors have until Friday to vote on proposed pension and benefit cuts that could help Detroit emerge from bankruptcy court and ...

4:11 PM, Jul. 3, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Lawyers subpoena bank involved in Kilpatrick pension deal
The city's bankruptcy team demanded answers today about how a former Kwame Kilpatrick appointee who helped engineer an infamous $1.4 billion pension deal left ...
 
4:52 PM, Jul. 2, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Detroit bankruptcy lawyers probe award for Kilpatrick pension deal
Detroit — The city's bankruptcy team wants to know how and why a prominent financial trade publication gave the city an award in 2005 for an infamous pension ...
 
6:13 PM, Jul. 1, 2014
METRO AND STATE
Wayne County
By Christine Ferretti The Detroit News
Michigan Chronicle publisher seeks to give building to Detroit pension fund
Detroit — Detroit's largest African-American media company is seeking to hand over its headquarters building to a city pension fund to resolve a complicated ...
 
11:36 PM, Jun. 30, 2014
METRO AND STATE
Wayne County
By Chad Livengood The Detroit News
Detroit retirees get option to repay excess interest in one lump sum
Detroit retirees in the General Retirement System will be able to repay excess interest earnings credited to their retirement savings accounts by making a lump ...
 
10:58 PM, Jun. 27, 2014
METRO AND STATE
Wayne County
By Christine Ferretti The Detroit News
AFSCME, Orr sign contracts that include pay increase for workers
Emergency Manager Kevyn Orr and a bankruptcy mediator joined the city's largest labor union today to sign contracts that call for a pay increase and were ...
 
11:11 PM, Jun. 26, 2014
METRO AND STATE
Wayne County
By Darren A. Nichols The Detroit News
Online house auction raises $1M so far for Detroit
Detroit — The city's plan to auction abandoned homes in neighborhoods has raised more than $1 million in revenue, city officials said Thursday.
 
6:09 PM, Jun. 26, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Detroit's largest city employee union ratifies five-year contract
Detroit — The city's largest union and several others announced Thursday they have ratified a five-year contract negotiated on the sidelines of Detroit's ...
 
6:09 PM, Jun. 25, 2014
METRO AND STATE
Wayne County
By Brian J. O’Connor and Christine Ferretti The Detroit News
State sells $185M in bonds for new Detroit streetlights
The state successfully sold $185 million in new bonds Wednesday to help pay for 55,000 new streetlights in Detroit.
 
5:59 PM, Jun. 24, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Lawyer: Creditors want to shield judge from Detroit's 'human reality'
Holdout creditors are trying to keep U.S. Bankruptcy Judge Steven Rhodes from seeing the real Detroit — the good, the bad and the ugly — by protesting his ...
 
10:17 AM, Jun. 24, 2014
POLITICS+GOVERNMENT
POLITICS-STATE
By Christine Ferretti The Detroit News
Snyder casts yes ballot to accept partial payment from bankrupt Detroit
Detroit The state of Michigan cast its first ballots as a creditor on claims outlined in the debt-cutting plan in Detroit's historic bankruptcy.
 
11:12 PM, Jun. 24, 2014
METRO AND STATE
Wayne County
By Christine Ferretti The Detroit News
City attorney: Detroiters should 'stand up and say no' to EM process
Detroit — An attorney for the city cried foul Tuesday over ordinance amendments tied to a new hybrid pension plan being imposed by Emergency Manager Kevyn Orr.

5:59 PM, Jun. 23, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Creditor continues fight for retirees' personal financial data
A holdout creditor said Monday it sympathizes with retirees who face cuts in Detroit's bankruptcy case but still wants access to the personal financial ...
 
11:26 PM, Jun. 20, 2014
METRO AND STATE
Wayne County
By Darren A. Nichols and Chad Livengood The Detroit News
Snyder signs 'grand bargain' legislation amid fanfare
Calling it 'an important milestone' in Detroit's comeback, Gov. Rick Snyder this morning signed legislation that adds $195 million in state aid to a pool of ...
 
7:26 PM, Jun. 20, 2014
METRO AND STATE
Wayne County
By Chad Livengood Detroit News Lansing Bureau
Detroit bankruptcy creditor seeks to grill Snyder in court
A bond insurer facing losses of up to $1.1 billion in Detroit's bankruptcy wants to depose Gov. Rick Snyder under oath about his role in facilitating a deal to ...
 
6:35 PM, Jun. 19, 2014
METRO AND STATE
Wayne County
By Chad Livengood Detroit News Lansing Bureau
Detroit fights creditor's request for city retirees' personal information
Detroit's bankruptcy attorneys want a judge to block an aggressive creditor from gaining access to the personal financial information of 20,000 retired city ...


11:48 PM, Jun. 19, 2014
METRO AND STATE
Wayne County
By Christine Ferretti and Darren A. Nichols The Detroit News
Police, fire board pushes yes vote
Detroit — The city's Police and Fire Retirement System voted Thursday to endorseDetroit's debt-cutting plan and will send letters to individual members recommending ...
 
10:45 PM, Jun. 18, 2014
METRO AND STATE
Wayne County
By Christine Ferretti The Detroit News
Detroit moves to hybrid pension plan for city employees
City employees will see deductions in their paychecks beginning next month as Detroit moves to implement a new hybrid pension plan, the emergency manager's ...
 
11:33 PM, Jun. 17, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Creditors: Bankruptcy judge's tour of Detroit could be dangerous
Holdout creditors want to block Detroit's lawyers from taking U.S. Bankruptcy Judge Steven Rhodes on a tour of the city, arguing security could be jeopardized ...


2:18 PM, Jun. 17, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Schuette approves 'grand bargain' for Detroit bankruptcy
Michigan Attorney General Bill Schuette on Tuesday approved a $661 million plan to bolster pensions and protect the Detroit Institute of Arts collection from ...

*7:13 PM, Jun. 16, 2014
METRO AND STATE
Wayne County
By Christine Ferretti The Detroit News
Detroit council gives final OK to transfer DIA assets to trust
Detroit The City Council today gave its final approval of a bankruptcy plan to transfer the assets of the Detroit Institute of Arts to an irrevocable trust in exchange ...


11:53 AM, Jun. 13, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Lawyer accuses Detroit creditor of harassing foundations
A holdout creditor is trying to annoy, oppress and harass several foundations because they are contributing millions of dollars to bolster pensions and protect ...
 
4:14 PM, Jun. 13, 2014
POLITICS+GOVERNMENT
POLITICS-NATIONAL
By David Shepardson The Detroit News
White House Detroit adviser getting job with VP's office
Washington — The White House point person on Detroit is getting a new high-profile job with Vice President Joe Biden.

11:48 PM, Jun. 12, 2014
METRO AND STATE
Wayne County
By Christine Ferretti The Detroit News
Police and Fire Retirement System trustees delay vote on bankruptcy plan
Detroit After more than three hours of closed talks Thursday, the city's Police and Fire Retirement System postponed for a week a vote on whether to back Detroit's ...


10:20 PM, Jun. 11, 2014
METRO AND STATE
Wayne County
By Darren A. Nichols The Detroit News
Detroit's general retiree board votes to approve debt-cutting plan
Detroit The General Retirement System board voted to endorse Detroit's bankruptcy plan of adjustment Wednesday and urged its retirees to affirm the plan to prevent ...


10:19 PM, Jun. 11, 2014
METRO AND STATE
Wayne County
By Christine Ferretti The Detroit News
Duggan: Yes vote on bankruptcy plan 'not a complicated decision'
Detroit — Mayor Mike Duggan on Wednesday encouraged Detroit retirees to support the city's debt-cutting bankruptcy plan, noting without it $820 million in ...


*11:23 AM, Jun. 11, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Schuette seeks to quash subpoena related to DIA art sale
Attorney General Bill Schuette wants to block a holdout Detroit creditor from questioning him about a legal opinion that the Detroit Institute of Arts ...

 
5:58 PM, Jun. 10, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Creditor rips Detroit's 'grand bargain' in scathing court filing
Detroit A holdout creditor ripped the 'grand bargain,' Detroit's public-relations spin and federal mediators in a scathing court filing Tuesday.
 
5:55 PM, Jun. 9, 2014
METRO AND STATE
Wayne County
By Christine Ferretti The Detroit News
DIA hopes $26M commitment from Detroit automakers fuels more giving
The Detroit Institute of Arts announced Monday a $26 million commitment from Detroit automakers toward the museum's $100 million share of a fund to aid city ...
 
10:54 PM, Jun. 6, 2014
METRO AND STATE
Wayne County
By Chad Livengood, Daniel Howes and David Shepardson The Detroit News
Automakers to contribute $26M to DIA's share of 'grand bargain'
The Detroit Institute of Arts is expected to announce Monday that the city's hometown automakers will contribute about $26 million toward the museum's $100 ...

5:07 PM, Jun. 5, 2014
METRO AND STATE
Wayne County
By Christine Ferretti The Detroit News
Council votes to transfer DIA assets to trust
The City Council today voted to endorse Emergency Manager Kevyn Orr's plan to transfer assets of the Detroit Institute of Arts to an irrevocable trust in ...
 
10:55 PM, Jun. 6, 2014
METRO AND STATE
Wayne County
By Christine Ferretti The Detroit News
Detroit retirees split on plan to cut pensions
Detroit — A divided crowd filed out of Fellowship Chapel Thursday, some vowing a fight, others saying they will likely concede to pension cuts as part of Detroit's ...
 
11:17 PM, Jun. 4, 2014
POLITICS+GOVERNMENT
POLITICS-STATE
By Chad Livengood, Christine Ferretti and Robert Snell The Detroit News
Gov tries to seal bankruptcy deal with Detroit retirees
Gov. Rick Snyder had a message today for other distressed municipalities that might ask the state for cash in light of an unprecedented rescue package for ...
 
12:58 PM, Jun. 4, 2014
METRO AND STATE
Wayne County
By Robert Snell The Detroit News
Creditors seek to delay Detroit bankruptcy trial until fall
Detroit — A group of holdout creditors wants to delay a trial over the city's debt-cutting plan by two months, a request that threatens to delay Detroit's ...
 
5:49 PM, Jun. 4, 2014
METRO AND STATE
Wayne County
By Christine Ferretti The Detroit News
Police and fire retirees have questions, concerns about Detroit bankruptcy plan
Detroit — The city's Police and Fire Retirement System on Wednesday fielded hours of questions from a crowd of several hundred that packed the IBEW Hall on ...
 
8:52 AM, Jun. 4, 2014
POLITICS+GOVERNMENT
POLITICS-STATE
By Chad Livengood Detroit News Lansing Bureau
Detroit's 'grand bargain' sweeps ahead
The Michigan Senate on Tuesday greenlighted the state's participation in Detroit's bankruptcy 'grand bargain,' approving $195 million in aid for Detroit ...

From The Detroit News: http://www.detroitnews.com/article/99999999/METRO01/130718001#ixzz39QuWgl6A