Category: Bankruptcy

Month in Review: April, 2015

22 May, 2015 (10:02) | Bankruptcy, CDSs, Chicago, Cities, Contract rights, Detroit, Diego Rivera, Epictetus, Month in review, Municipal bankruptcy, Museums, Philanthropy, R. A. Lafferty, Speculation, US News | No comments

By: David A. Smith “The site is now known as the Great Blue Island Swamp.” – R. A. Lafferty, “What’s the Name of that Town?”, 1964 R. A. Lafferty In 1964, the mad genius of science fiction R. A. Lafferty wrote a short story in which not only had the City of Chicago been vaporized, […]

Chicago’s first domino

18 May, 2015 (16:11) | Bankruptcy, Chicago, Cities, Default, Municipal bankruptcy, Municipal finance, Pension funds, Rating agencies, Real estate taxes, Recapitalization, US News | No comments

By: David A. Smith Scarcely had I finished posting Chicago’s pre-obituary (A tale of two cities, Part 1, Part 2, Part 3, Part 4, Part 5, Part 6, Part 7, Part 8, Part 9, Part 10, Part 11, and Part 12) than the first domino fell, as reported in the Chicago Tribune (May 8, 2015), […]

A tale of two cities: Part 12, A beautiful city rising from this abyss

29 April, 2015 (10:00) | Annexation, Bankruptcy, Chicago, Cities, Detroit, Finance, Housing, Infrastructure, Municipal bankruptcy, Pension funds, Real estate taxes, Speculation, Urbanization, US News, Zoning | No comments

[Continued from yesterday’s Part 11 and the preceding Part 1, Part 2, Part 3, Part 4, Part 5, Part 6, Part 7, Part 8, Part 9, and Part 10.] By: David A. Smith “It is a far, far better thing that I do, than I have ever done; it is a far, far better rest […]

A tale of two cities: Part 11, Only Detroit has a lower bond rating

28 April, 2015 (10:00) | Annexation, Bankruptcy, Chicago, Cities, Detroit, Finance, Housing, Infrastructure, Municipal bankruptcy, Pension funds, Real estate taxes, Speculation, Urbanization, US News, Zoning | No comments

[Continued from yesterday’s Part 10 and the preceding Part 1, Part 2, Part 3, Part 4, Part 5, Part 6, Part 7, Part 8, and Part 9.] By: David A. Smith “And who among the company at Monseigneur’s reception could possibly doubt that a system rooted in a frizzled hangman, powdered and gold-laced, pumped, and […]

A tale of two cities: Part 10, Division of public property, debts, town paupers, and taxes

27 April, 2015 (09:00) | Annexation, Bankruptcy, Chicago, Cities, Detroit, Finance, Housing, Infrastructure, Municipal bankruptcy, Pension funds, Real estate taxes, Speculation, Urbanization, US News, Zoning | No comments

[Continued from last week’s Part 9 and the preceding Part 1, Part 2, Part 3, Part 4, Part 5, Part 6, Part 7, and Part 8.] By: David A. Smith “Keep where you are because, if I should make a mistake, it could never be set right in your lifetime.” Charles Dickens, A Tale of Two […]