Can Pensions Be Restructured in (Detroit's) Municipal Bankruptcy? PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Can Pensions Be Restructured in (Detroit's) Municipal Bankruptcy? PDF full book. Access full book title Can Pensions Be Restructured in (Detroit's) Municipal Bankruptcy? by David A. Skeel. Download full books in PDF and EPUB format.
Author: David A. Skeel
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
Get Book Here
Book Description
This paper, which was written as a White Paper for the Federalist Society, describes and assesses the question whether public employee pensions can be restructured in bankruptcy, with a particular focus on Detroit. Part I gives a brief overview both of the treatment of pensions under state law, and of the Michigan law governing the Detroit pensions. Part II explains the legal argument for restructuring an underfunded pension in bankruptcy. Part III considers the major federal constitutional objections to restructuring. Part IV discusses arguments based on the Michigan Constitution and Part V assesses several Chapter 9 arguments against restructuring. None of these arguments appear to prevent restructuring. Assuming that pensions can in fact be restructured, Part VI discusses the Chapter 9 factors that may affect the extent to which they are or can be restructured in a particular case.
Author: David A. Skeel
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
Get Book Here
Book Description
This paper, which was written as a White Paper for the Federalist Society, describes and assesses the question whether public employee pensions can be restructured in bankruptcy, with a particular focus on Detroit. Part I gives a brief overview both of the treatment of pensions under state law, and of the Michigan law governing the Detroit pensions. Part II explains the legal argument for restructuring an underfunded pension in bankruptcy. Part III considers the major federal constitutional objections to restructuring. Part IV discusses arguments based on the Michigan Constitution and Part V assesses several Chapter 9 arguments against restructuring. None of these arguments appear to prevent restructuring. Assuming that pensions can in fact be restructured, Part VI discusses the Chapter 9 factors that may affect the extent to which they are or can be restructured in a particular case.
Author: David A. Skeel
Publisher:
ISBN:
Category :
Languages : en
Pages : 24
Get Book Here
Book Description
From the outset of Detroit's bankruptcy, an unlikely set of issues kept coming up: What exactly is a lien? Who has a property interest or its equivalent in bankruptcy? Did general obligation bondholders have special status, due to Detroit's promise to use its “full faith and credit” for repayment? What about Detroit's pension beneficiaries, who could point to a provision in the Michigan Constitution stating that accrued pension benefits cannot be diminished or impaired. In this Article, I explore these and related issues that have arisen in Detroit and other recent municipal bankruptcy cases.Part I of the Article briefly compares liens and a variety of lien substitutes. In Part II, I recount the history of bankruptcy's statutory lien provision, which honors state liens but not state priorities, and requires that the lien be good both in bankruptcy and outside of bankruptcy. My focus in Part III is the status of general obligation bonds in Detroit, a question which has turned out to have different answers for the two different types of Detroit GO bonds. In Part IV, I explore Rhode Island's remarkable statute purporting to give a sweeping lien to GO bondholders. I then discuss the question whether pensions can be restructured in bankruptcy in Part V. I conclude that they can, and that the precise status of pension claims turns in large part on bankruptcy's treatment of trusts.
Author: Socialist Equality Party (U.S.)
Publisher:
ISBN: 9781893638440
Category : Bankruptcy
Languages : en
Pages : 64
Get Book Here
Book Description
Author: David A. Skeel Jr.
Publisher: Princeton University Press
ISBN: 1400828503
Category : Business & Economics
Languages : en
Pages : 296
Get Book Here
Book Description
Bankruptcy in America, in stark contrast to its status in most other countries, typically signifies not a debtor's last gasp but an opportunity to catch one's breath and recoup. Why has the nation's legal system evolved to allow both corporate and individual debtors greater control over their fate than imaginable elsewhere? Masterfully probing the political dynamics behind this question, David Skeel here provides the first complete account of the remarkable journey American bankruptcy law has taken from its beginnings in 1800, when Congress lifted the country's first bankruptcy code right out of English law, to the present day. Skeel shows that the confluence of three forces that emerged over many years--an organized creditor lobby, pro-debtor ideological currents, and an increasingly powerful bankruptcy bar--explains the distinctive contours of American bankruptcy law. Their interplay, he argues in clear, inviting prose, has seen efforts to legislate bankruptcy become a compelling battle royale between bankers and lawyers--one in which the bankers recently seem to have gained the upper hand. Skeel demonstrates, for example, that a fiercely divided bankruptcy commission and the 1994 Republican takeover of Congress have yielded the recent, ideologically charged battles over consumer bankruptcy. The uniqueness of American bankruptcy has often been noted, but it has never been explained. As different as twenty-first century America is from the horse-and-buggy era origins of our bankruptcy laws, Skeel shows that the same political factors continue to shape our unique response to financial distress.
Author: Nathan Bomey
Publisher: W. W. Norton & Company
ISBN: 0393248925
Category : History
Languages : en
Pages : 347
Get Book Here
Book Description
What happens when an iconic American city goes broke? At exactly 4:06 p.m. on July 18, 2013, the city of Detroit filed for bankruptcy. It was the largest municipal bankruptcy in American history—the Motor City had finally hit rock bottom. But what led to that fateful day, and how did the city survive the perilous months that followed? In Detroit Resurrected, Nathan Bomey delivers the inside story of the fight to save Detroit against impossible odds. Bomey, who covered the bankruptcy for the Detroit Free Press, provides a gripping account of the tremendous clash between lawyers, judges, bankers, union leaders, politicians, philanthropists, and the people of Detroit themselves. The battle to rescue this iconic city pulled together those who believed in its future—despite their differences. Help came in the form of Republican governor Rick Snyder, a technocrat who famously called himself “one tough nerd”; emergency manager Kevyn Orr, a sharp-shooting lawyer and “yellow-dog Democrat”; and judges Steven Rhodes and Gerald Rosen, the key architects of the grand bargain that would give the city a second chance at life. Detroit had a long way to go. Facing a legacy of broken promises, the city had to seek unprecedented sacrifices from retirees and union leaders, who fought for their pensions and benefits. It had to confront the consequences of years of municipal corruption while warding off Wall Street bond insurers who demanded their money back. And it had to consider liquidating the Detroit Institute of Arts, whose world-class collection became an object of desire for the city’s numerous creditors. In a tight, suspenseful narrative, Detroit Resurrected reveals the tricky path to rescuing the city from $18 billion in debt and giving new hope to its citizens. Based on hundreds of exclusive interviews, insider sources, and thousands of records, Detroit Resurrected gives a sweeping account of financial ruin, backroom intrigue, and political rebirth in the struggle to reinvent one of America’s iconic cities.
Author: Susan M. Wachter
Publisher: University of Pennsylvania Press
ISBN: 0812248260
Category : Business & Economics
Languages : en
Pages : 120
Get Book Here
Book Description
Underfunded pension liabilities are severely threatening many cities, and policymakers are increasingly turning their attention to the legacy issues surrounding the funding of pensions. Public Pensions and City Solvency addresses this complex fiscal issue and presents strategies to achieve financial sustainability.
Author: Jodie Adams Kirshner
Publisher: Macmillan + ORM
ISBN: 1250237122
Category : Social Science
Languages : en
Pages : 357
Get Book Here
Book Description
"Essential...in showcasing people who are persistent, clever, flawed, loving, struggling and full of contradictions, Broke affirms why it’s worth solving the hardest problems in our most challenging cities in the first place. " —Anna Clark, The New York Times "Through in-depth reporting of structural inequality as it affects real people in Detroit, Jodie Adams Kirshner's Broke examines one side of the economic divide in America" —Salon "What Broke really tells us is how systems of government, law and finance can crush even the hardiest of boot-strap pullers." —Brian Alexander, author of Glass House A galvanizing, narrative account of a city’s bankruptcy and its aftermath told through the lives of seven valiantly struggling Detroiters Bankruptcy and the austerity it represents have become a common "solution" for struggling American cities. What do the spending cuts and limited resources do to the lives of city residents? In Broke, Jodie Adams Kirshner follows seven Detroiters as they navigate life during and after their city's bankruptcy. Reggie loses his savings trying to make a habitable home for his family. Cindy fights drug use, prostitution, and dumping on her block. Lola commutes two hours a day to her suburban job. For them, financial issues are mired within the larger ramifications of poor urban policies, restorative negligence on the state and federal level and—even before the decision to declare Detroit bankrupt in 2013—the root causes of a city’s fiscal demise. Like Matthew Desmond’s Evicted, Broke looks at what municipal distress means, not just on paper but in practical—and personal—terms. More than 40 percent of Detroit’s 700,000 residents fall below the poverty line. Post-bankruptcy, they struggle with a broken real estate market, school system, and job market—and their lives have not improved. Detroit is emblematic. Kirshner makes a powerful argument that cities—the economic engine of America—are never quite given the aid that they need by either the state or federal government for their residents to survive, not to mention flourish. Success for all America’s citizens depends on equity of opportunity.
Author: Michael Peter Smith
Publisher: Routledge
ISBN: 1351493981
Category : Business & Economics
Languages : en
Pages : 290
Get Book Here
Book Description
This book addresses the questions of what went wrong with Detroit and what can be done to reinvent the Motor City. Various answers to the former-deindustrialization, white flight, and a disappearing tax base-are now well understood. Less discussed are potential paths forward, stemming from alternative explanations of Detroit's long-term decline and reconsideration of the challenges the city currently faces. Urban crisis-socioeconomic, fiscal, and political-has seemingly narrowed the range of possible interventions. Growth-oriented redevelopment strategies have not reversed Detroit's decline, but in the wake of crisis, officials have increasingly funnelled limited public resources into the city's commercial core via an implicit policy of "urban triage." The crisis has also led to the emergency management of the city by extra-democratic entities. As a disruptive historical event, Detroit's crisis is a moment teeming with political possibilities. The critical rethinking of Detroit's past, present, and future is essential reading for both urban studies scholars and the general public.
Author: Tatyana Guzman
Publisher: Taylor & Francis
ISBN: 1000771504
Category : Political Science
Languages : en
Pages : 227
Get Book Here
Book Description
It is difficult to find someone who has not heard about the Puerto Rico, Detroit, Michigan, or Orange County, California, bankruptcies. While guides for responsibly managing government finances exist, problems often originate not because of poor financial reporting or financial deficiencies but because issues external to financial wellbeing arise, such as economic, demographic, political, legal, or even environmental factors. Exacerbating the problem, there is not much advice in the existing literature on how to act when municipalities face financial struggles. Filling this important gap, this book explores fiscal health and fiscal hardships, municipal defaults and bankruptcies, and many other aspects to help guide local governments during fiscal distress. Fiscal hardships negatively affect the quality and availability of public goods and services and, consequently, the wellbeing of residents and businesses living and working in distressed municipalities. Turned off streetlights, unmaintained public parks, potholes, inconsistent garbage pickup, longer response time from emergency services, and multiple other issues that residents of the struggling municipalities deal with, lead to higher crime rates, lower quality of K-12 education, dangerous road conditions, lower housing values, outmigration of wealthier population, and numerous other problems. The COVID-19 pandemic put additional unprecedented pressure on municipal finances nationwide. In this book authors Tatyana Guzman and Natalia Ermasova evaluate distressed cities and municipalities and provide practical recommendations on improving their financial conditions. What are conditions and signs to look for to not to find yourself in similar situations? What can be done if your municipality is already experiencing fiscal hardships? What are the consequences of fiscal misfortunes? How does one exit a fiscal emergency? This book answers these and other questions and serves as a guide to fiscal health and prosperity for U.S. municipal governments, students and researchers in public finance, and general public management fields.
Author: Scott Kurashige
Publisher: Univ of California Press
ISBN: 0520294912
Category : History
Languages : en
Pages : 192
Get Book Here
Book Description
"On July 23, 1967, the eyes of the nation fixed on Detroit as thousands took to the streets to vent their frustrations with white racism, police brutality, and vanishing job prospects in the place that gave rise to the American Dream. For mainstream observers, the "riot" brought about the ruin of a once-great city, and then in 2013, the city's municipal bankruptcy served as a bailout that paved the way for Detroit to finally be rebuilt. Challenging this prevailing view, Scott Kurashige portrays the past half-century as a long "rebellion" the underlying tensions of which continue to haunt the city and the U.S. nation-state. Michigan's scandal-ridden emergency-management regime represents the most concerted effort to quell this rebellion by disenfranchising the majority black citizenry and neutralizing the power of unions. The corporate architects of Detroit's restructuring have championed the creation of a "business-friendly" city where billionaire developers are subsidized to privatize and gentrify downtown while working-class residents are squeezed out by rampant housing evictions, school closures, water shutoffs, toxic pollution, and militarized policing. From the grassroots, however, Detroit has emerged as an international model for survival, resistance, and solidarity through the creation of urban farms, freedom schools, and self-governing communities. A quintessential American story of tragedy and hope, The Fifty-Year Rebellion forces us to look in the mirror and ask, Are we succumbing to authoritarian plutocracy, or can we create a new society rooted in social justice and participatory democracy?"--Provided by publisher.
