Hang onto your wallet and guns in Detroit

ruger22 · Post by **ruger22** » Thu Jul 18, 2013 7:26 pm

Just heard about Detroit filing bankruptcy today, the largest city to ever do so. They will liquidate city assets to pay creditors, maybe including the municipal retirement plan. That's terrible.

In a clip of the mayor's speech, he cited a failure to provide even basic services, and stated that average police response time was now 58 minutes. Just what the bad guys like to hear.

Post by **Bullseye** » Thu Jul 18, 2013 8:23 pm

They currently have a lot of vacant land they could liquidate for debt payments. The problem is who would want to buy it?

R,
Bullseye

greener · Post by **greener** » Thu Jul 18, 2013 8:41 pm

Detroit city has been going downhill for a long time. They probably should have done this a long time ago. I'm not sure there is $18 billion worth of city property so the retiree's, bond holders and those owed money by the city are going to take big losses.

perazzi · Post by **perazzi** » Thu Jul 18, 2013 9:54 pm

Bullseye wrote:They currently have a lot of vacant land they could liquidate for debt payments. The problem is who would want to buy it?

R,
Bullseye

looks like Dan Gilbert..

http://news.yahoo.com/billionaire-dan-g ... 00727.html