Saturday, June 15, 2013

Silly me, I thought that was the definition of bankruptcy - Fox News: "Detroit to default on $2.5 billion debt to avoid bankruptcy, emergency manager says."  Ten cents on the dollar.

1 comment:

Anonymous said...

Yeah, I agree.

I'm guessing they are trying to make it 'voluntary', perhaps by reminding the unsecured creditors that if it has to go to an official bankruptcy settlement then they will probably get nothing at all.

In the end it won't matter anyway.