The City Files Its Chapter 9 Plan of Adjustment

10 Mar 2014

The City of Detroit filed its chapter 9 Plan for the Adjustment of Debts of the City of Detroit and Disclosure Statement with Respect to Plan for the Adjustment of Debts of the City of Detroit (collectively, the “Plan”) on Friday, February 21st.  These documents set forth the proposed treatment to be accorded to the City’s creditors, including retirees, [...]

Paul Hage

Paul Hage

Paul R. Hage is a partner in the Southfield office of Jaffe Raitt Heuer & Weiss and a member of the Firm's Insolvency and Reorganization Practice Group.

phage@jaffelaw.com

Bankruptcy Court Rejects City’s Proposed Settlement of SWAP Litigation

22 Jan 2014

In a ruling on Thursday that surprised many, Judge Steven Rhodes denied the City’s motion to approve a settlement of a disastrous swap transaction with swap counterparties Merrill Lynch and UBS.  The proposed settlement, which was strongly opposed by certain of the City’s bond insurers and the City’s retirement systems, contemplated that the City would [...]

Paul Hage

Paul Hage

Paul R. Hage is a partner in the Southfield office of Jaffe Raitt Heuer & Weiss and a member of the Firm's Insolvency and Reorganization Practice Group.

phage@jaffelaw.com

City Deemed Eligible for Bankruptcy and Has the Ability to Impair Pensions

8 Dec 2013

In a landmark decision for both bankruptcy law and the City of Detroit,  Judge Steven Rhodes ruled on December 3rd that the City of Detroit in fact is eligible to be a debtor under chapter 9 of the Bankruptcy Code.  Two days later, on December 5th, Judge Rhodes issued a 150 page written opinion setting [...]

Paul Hage

Paul Hage

Paul R. Hage is a partner in the Southfield office of Jaffe Raitt Heuer & Weiss and a member of the Firm's Insolvency and Reorganization Practice Group.

phage@jaffelaw.com

Public Lighting Transaction Approved

6 Dec 2013

On December 6, 2013, the Court entered an Order authorizing the City to enter into certain transaction documents with the City’s newly created Public Lighting Authority (“PLA”).   The PLA was created to manage and maintain the City’s public lighting system.   The PLA has the authority under state law to issue bonds and to sell those [...]

Eligibility Determination Will be Announced On December 3rd

25 Nov 2013

The Bankruptcy Court entered an Order on November 25, 2013 stating that it will announce its decision regarding the City of Detroit’s eligibility to be a Debtor under chapter 9 of the Bankruptcy Code at a hearing at 9:00 a.m. on December 3, 2013.  The Order indicates that the Court will announce its decision orally [...]

Paul Hage

Paul Hage

Paul R. Hage is a partner in the Southfield office of Jaffe Raitt Heuer & Weiss and a member of the Firm's Insolvency and Reorganization Practice Group.

phage@jaffelaw.com

Bankruptcy Court Sets Deadline for Filing Claims Against the City

22 Nov 2013

 The Bankruptcy Court in the City of Detroit bankruptcy case entered its Order, Pursuant to Sections 105, 501 and 503 of the Bankruptcy Code and Bankruptcy Rules 2002 and 3003(c), Establishing Bar Dates for Filing Proofs of Claim and Approving Form and Manner of Notice Thereof this afternoon. The bar date is 4:00 p.m. on February [...]

Paul Hage

Paul Hage

Paul R. Hage is a partner in the Southfield office of Jaffe Raitt Heuer & Weiss and a member of the Firm's Insolvency and Reorganization Practice Group.

phage@jaffelaw.com

The City Files A Motion Proposing ADR Procedures For Liquidating Certain Claims

13 Nov 2013

The City of Detroit (“City”) recently filed a motion seeking approval of mandatory alternative dispute resolution procedures (“ADR”) to promote and adopt stream-lined procedures for the liquidation of tort claims and other “Designated Claims” (the Motion”).  Moreover, under the Bankruptcy Code, the Court lacks jurisdiction to handle many of these claims – notably, personal injury [...]

Judith Greenstone Miller

Judith Greenstone Miller

Judith Greenstone Miller is a partner in the Southfield office of Jaffe Raitt Heuer & Weiss and a member of the Firm's Insolvency and Reorganization Practice Group.

jmiller@jaffelaw.com

Bankruptcy Court Extends the Automatic Stay in Bankruptcy to Protect the 36th District Court

18 Oct 2013

 In yet another unique issue that could arise only in chapter 9, the Bankruptcy Court ruled today that it would extend the automatic stay imposed by the City’s bankruptcy case to stop litigation and other claims brought against the 36th District Court, a non-debtor.  The 36th District Court, located in downtown Detroit, has been plagued [...]

Paul Hage

Paul Hage

Paul R. Hage is a partner in the Southfield office of Jaffe Raitt Heuer & Weiss and a member of the Firm's Insolvency and Reorganization Practice Group.

phage@jaffelaw.com

Bankruptcy Court Hears Legal Arguments With Respect to the City’s Eligibility

17 Oct 2013

The Bankruptcy Court heard legal arguments on October 15th and 16th related to the City’s eligibility to be a debtor in chapter 9.   As discussed in more detail in Jaffe’s September 16th blog entry, in order for a city to be a debtor under chapter 9 of the Bankruptcy Code, it must establish that: (i) [...]

Paul Hage

Paul Hage

Paul R. Hage is a partner in the Southfield office of Jaffe Raitt Heuer & Weiss and a member of the Firm's Insolvency and Reorganization Practice Group.

phage@jaffelaw.com

Bankruptcy Court Denies Committee’s Motion to Stay Eligibility Proceedings

1 Oct 2013

As we discussed in our September 12th blog entry, the Official Committee of Retirees filed a motion to withdraw the reference to the bankruptcy court on its objection to the eligibility of the City to be a debtor in chapter 9.  As noted in that blog entry, jurisdiction for bankruptcy cases resides, in the first [...]

Paul Hage

Paul Hage

Paul R. Hage is a partner in the Southfield office of Jaffe Raitt Heuer & Weiss and a member of the Firm's Insolvency and Reorganization Practice Group.

phage@jaffelaw.com