Category: Public employees

Month in review, January 2015: Part 2, Hello to the future

2 March, 2015 (10:00) | Airbnb, Detroit, Golf, Green space, Month in review, Municipal bankruptcy, Pensions, Public employees, Speculation, Transportation, Urban issues, Urbanization, US News, Zoning |

[Continued from Friday’s Part 1.] By: David A. Smith Although half of January’s post concerned themselves with the unhappy past, the other half looked at the emerging, even disrupted, future, starting with the visible-yet-covert dissolution of urban zoning by Airbnb and its local ‘hosts,’ who are multiplying invisibly, as revealed in Aiding and a-bedding? Part 1, […]

Month in Review, January, 2015: Part 1, Goodbye to the past

27 February, 2015 (10:00) | Airbnb, Detroit, Golf, Green space, Month in review, Municipal bankruptcy, Pensions, Public employees, Speculation, Transportation, Urban issues, Urbanization, US News, Zoning | 1 comment

By: David A. Smith A new year means a new beginning and new resolutions, and 2015’s first post completed the story of Detroit’s financial death-and-rebirth through bankruptcy, though to hear the New York Times tell it, Detroit’s recovery would be A fleeting miracle? Part 2, As long as the city recovers: Public-employee pension funds are […]

Detroit’s sixteen cents: Part 3, Worse than Greece

11 December, 2013 (13:20) | Bankruptcy, Bonds, Cities, Detroit, Municipal bankruptcy, Public employees, Recapitalization, US News, Workouts |

[Continued from yesterday’s Part 2 and the preceding Part 1.]   By:David A. Smith   As we saw yesterday, with Detroit’s bankruptcy now confirmed, emergency manager  Kevyn Orr can now file his plan of reorganization, undoubtedly using the factual information he published in the city’s May, 2013 prospectus, and it will add up to sixteen cents […]

Detroit’s sixteen cents: Part 2, Half its liabilities from retirement benefits

10 December, 2013 (09:00) | Bankruptcy, Bonds, Cities, Detroit, Municipal bankruptcy, Pension funds, Public employees, Recapitalization, US News, Workouts | 2 comments

[Continued from yesterday’s Part 1.]   By:David A. Smith   Yesterday we saw that Detroit’s bankruptcy judge confirmed the inescapable – the city is indeed bankrupt – and reported the testimony that the Roamin’ Empire can pay only sixteen cents on the dollar of its total liabilities (including unfunded pension liabilities to retired public employees). […]

Detroit’s sixteen cents: Part 1, So self-evident no one had to say it

9 December, 2013 (12:52) | Bankruptcy, Bonds, Cities, Detroit, Municipal bankruptcy, Pension funds, Public employees, Recapitalization, US News, Workouts |

   By:David A. Smith   Sixteen cents on the dollar.   One buck out of six.   That is what every creditor of beleaguered and bankrupt Detroit will get, on average, when Kevyn Orr’s plan of reorganization is eventually confirmed, as it will be.    Oh, there will be weeping and wailing and gnashing of […]