FlintTalk.com Forum Index > Political Talk Topic: City of Hamtramck, Michigan Seeks Bankruptcy

Author    Post   Steve Myers Site Admin City of Hamtramck, Michigan Seeks Bankruptcy The city of Hamtramck, desperate for cash, has asked the state for permission to take an unprecedented step: filing for bankruptcy. City Manager Bill Cooper said the city of roughly 20,000 people is staring at a $3 million deficit, fueled by a dispute with Detroit. Unless Hamtramck files for bankruptcy, it won't be able to pay its nearly 100 employees or 153 retirees, he said. http://globaleconomicanalysis.blogspot.com/2010/11/city-of-hamtramck-michigan-seeks.html _________________ Steve Myers Mon Nov 22, 2010 5:16 pm  Dave Starr F L I N T O I D Wasn't that already turned down by the State? _________________ I used to care, but I take a pill for that now. Pushing buttons sure can be fun. When a lion wants to go somewhere, he doesn’t worry about how many hyenas are in the way. Paddle faster, I hear banjos. Mon Nov 22, 2010 5:58 pm  Steve Myers Site Admin This is Dated the 19th: HAMTRAMCK, Mich. — An attorney for the City of Hamtramck has sent a letter to Gov. Jennifer Granholm, requesting that she grant the Detroit enclave's bankruptcy request. The Detroit News and Detroit Free Press say the letter James Allen sent Thursday also urges Granholm against appointing an emergency financial manager. Hamtramck seeks protection from creditors and would use bankruptcy to move city unions to consider concessions. City officials say the city faces a $3 million deficit and could run out of money on Jan. 31, 2011. Granholm says bankruptcy "is not a good option." She said the state has previously appointed emergency financial managers to help struggling cities make politically unpopular but financially prudent decisions. http://www.chicagotribune.com/news/chi-ap-mi-bankruptcy-hamtra,0,5761673.story _________________ Steve Myers Mon Nov 22, 2010 10:24 pm  Steve Myers Site Admin This Dated the 18th Hamtramck can avoid bankruptcy with loan options, state says tate treasury officials gave the City of Hamtramck three loan options Wednesday that they say could help the city avoid bankruptcy and eliminate its $3-million deficit, and Gov. Jennifer Granholm expressed optimism that the crisis will be solved. Read more: Hamtramck can avoid bankruptcy with loan options, state says | freep.com | Detroit Free Press http://www.freep.com/article/20101118/NEWS02/11180542/Hamtramck-can-avoid-bankruptcy-with-loan-options-state-says#ixzz164YOORVG _________________ Steve Myers Mon Nov 22, 2010 10:27 pm    Display posts from previous:   All Posts1 Day7 Days2 Weeks1 Month3 Months6 Months1 Year Oldest FirstNewest First

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