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The PJ Tatler

by
Stephen Kruiser

Bio

August 29, 2013 - 8:02 pm

Stop voting for Democrats.

Detroit, which made the largest Chapter 9 municipal bankruptcy filing in U.S. history, on Thursday filed a request for proposals for $350 million in unprecedented financing, the city emergency manager’s office said.

Detroit is the first large U.S. city to seek so-called debtor-in-possession (DIP) financing after asking for bankruptcy court protection.

The city plans to use about $250 million to terminate a complicated swaps deal related to previous bonds issued to finance pension debt, said Bill Nowling, press secretary for Detroit’s state-appointed emergency manager, Kevyn Orr.

About $100 million would “provide the city with adequate liquidity throughout the restructuring case to start reinvesting in Detroit today,” Nowling said in an e-mail to Reuters. It would be a line of credit the city could draw from, but it may not use all of it, he said.

Nowling also said Orr plans to use proceeds from the financing to invest in “quality of life” improvements for Detroit’s nearly 700,000 residents.

It’s like the old joke:

Patient: Doctor, it hurts when I do this.

Doctor: Then stop doing that.

Lacking in any serious discussion (outside of right-of-center blogs, that is) about resurrecting this once glorious city is that it was a one party rule affair that led to it’s implosion. Any institution that lends it money will hopefully have a big people’s conversation with officials about not running right back to the status quo.

Hopefully.

Stephen Kruiser is a professional comedian and writer who has also been a conservative political activist for over two decades. A co-founder of the first Los Angeles Tea Party, Kruiser often speaks to grassroots groups around America and has had the great honor of traveling around the world entertaining U.S. troops.

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"About $100 million would “provide the city with adequate liquidity throughout the restructuring case to start reinvesting in Detroit today,” Nowling said in an e-mail to Reuters. It would be a line of credit the city could draw from, but it may not use all of it, he said."
May not use all of it? That's a laugh. They may not use all of it but you can bet all of it will disappear and they will be back crying for more.
47 weeks ago
47 weeks ago Link To Comment
"Nowling also said Orr plans to use proceeds from the financing to invest in “quality of life” improvements for Detroit’s nearly 700,000 residents."

LOL! That's a good one - invest in 'quality of life' in Detroit! Does that quality life include vandalism, robberies, muggings, murders, failing schools, corrupt elected officials, police & fire depts. that can barely function & greedy/corrupt unions? Yeah, that's a great 'quality of life' I'm looking to invest my hard-earned dollars in!

Detroit, you made your bed by electing liberal Democrats like Coleman Young since 1962. Now sleep in it & don't ask us for a bailout.
47 weeks ago
47 weeks ago Link To Comment
The left ALWAYS has inane issues to use money on and use it they do...then ask for more because they didn't get the desired result.
47 weeks ago
47 weeks ago Link To Comment
Chicken feed.

If Detroit were owned by a sugar daddy billionaire bundler like Solyndra, it would get at least $535 millions.
47 weeks ago
47 weeks ago Link To Comment
Let em sell bonds. If that doesn't raise the required money it should serve as a signal that taxpayer money would be going down a rat-hole. Literally!
47 weeks ago
47 weeks ago Link To Comment
When you add annual murders, infant mortality, abortions and just plain old deaths, they almost total 1% of Detroit's population. This is what depopulation looks like.
47 weeks ago
47 weeks ago Link To Comment
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