Someone Want to Verify This? (UPDATE)
- FYI, members of the cities law department, finance and mayors office (not the mayor) had an "impromptu" meeting with attorneys at Jones-Day law firm. You probably think why is this important. Its important because if you do research you will see that the Jones-Day law firm just finished handling the City of Detroit's Bankruptcy. Jones-Day orchestrated the entire Detroit financial restructuring and pension overhaul. Research even further and you will find that Jones-Day are major business/municipality experts for bankruptcy. Trust me, that 500 million dollar payment for our pensions will not get paid and the above meeting is why. Yes, the city will declare bankruptcy to get its pension overhaul. The information may seem off the wall and exaggerated but from the person I got the information from its extremely reliable and needs to be received seriously. God help us.
UPDATE: As someone reminded us, Detroit's bankruptcy required a very specific inventory of assets:
- After Detroit's bankruptcy filing July 18, 2013, creditors targeted the collection of the Detroit Institute of Arts as a potential source of revenue. State-appointed emergency manager Kevin Orr hired Christie's Auction House to appraise the collection. After months of determining the fair market value of art purchased with city funds, Christie's released a report December 19, 2013, saying that the collection of nearly 2,800 pieces of city-owned artwork, was worth $454 million to $867 million, with one masterpiece by Van Gogh worth up to $150 million.
To prevent possible sale of the works, museum proponents developed what has been named the grand bargain. Under the plan, the museum will raise $100 million, nine private foundations pledge $330 million, and the state of Michigan will contribute $350 million for a total of $820 million that will guarantee municipal workers' pensions. In return, the city of Detroit will give the collection and the building to the non-profit entity that already operates the museum. This plan was challenged by other creditors, who claimed that it treated them unfairly and requested to conduct their own appraisal of the museum collection. Some creditors came forward with offers from other parties to buy the artworks for sums higher than Christie's appraisal. Meanwhile, May 13, 2014, Detroit emergency manager Kevyn Orr asked Detroit automakers to add $195 million to make the grand bargain stronger.
The discovery in 2014 that DIA President Graham W. J. Beal and Executive Vice President Anne Erickson received significant raises in 2014 and $50,000 bonuses in 2013 caused a lot of anger among Wayne, Macomb and Oakland County taxpayers, and Oakland County Commissioners threatened to stop Oakland County's participation in the DIA millage. During a meeting October 23, 2014, the Oakland County Commissioners warned DIA board chair Gene Gargaro that they have drafted a resolution to dissolve the Oakland County Art Authority which collects the Oakland County millage and passes it to the DIA.
Labels: money questions, pension






