Category: Creditors’ rights

The indubitable equivalent of broke: Part 3, come and get your slice of pain pie

11 September, 2013 (09:50) | Bankruptcy, Bonds, Cities, Creditors' rights, Detroit, Municipal finance, Recapitalization, San Bernardino, Speculation, US News |

By:David A. Smith   [Continued from yesterday’s Part 2 and the preceding Part 1.]   So far, using articles from the Wall Street Journal (August 7, 2013) on Detroit and New York Times (August 29, 2013; blue font) on San Bernardino, we’ve seen that bankruptcy puts every creditor onto the same playing field, refereed by the […]

The indubitable equivalent of broke: Part 2, baking the pain pie

10 September, 2013 (09:00) | Bankruptcy, Bonds, Cities, Creditors' rights, Detroit, Municipal bankruptcy, Municipal finance, Recapitalization, San Bernardino, Speculation, US News |

  By:David A. Smith   [Continued from yesterday’s Part 1.]   As we saw yesterday, using articles from the Wall Street Journal (August 7, 2013) on Detroit and New York Times (August 29, 2013; blue font) on San Bernardino, once a city goes into municipal bankruptcy, its administrator (sometimes called a trustee, in other contexts […]

The indubitable equivalent of broke: Part 1, The empty larder

9 September, 2013 (12:12) | Bankruptcy, Bonds, Cities, Creditors' rights, Detroit, Municipal bankruptcy, Municipal finance, Recapitalization, San Bernardino, Speculation, US News |

By:David A. Smith   There’s something hilarious seeing people’s shocked, astonished, and outraged reactions when something inevitable happens – and it’s even funnier when the inevitable was long foretold; it’s as if the now-upset have hypnotized themselves into believing that the undesirable is impossible.   Let’s all do the bankruptcy dance: Breughel’s Wedding Dance in […]