The novel municipal bankruptcy code makes it almost impossible to determine, leaving most outcomes of Detroit's historic case open to conjecture. ...
The test, bankruptcy experts say, is that a Plan of Adjustment cannot unfairly discriminate against a class of creditors, and it must be in the best interests of all creditors.
Orr’s team clearly believes the law allows the $816 million to be funneled into one purpose, in Detroit’s case, to boost pension funds.
Bond insurers, who stand to lose hundreds of millions of dollars under the bankruptcy-exit plan, believe the law says otherwise.
And with so few cases guiding Rhodes in his decision making process, both sides have a legal argument to make, bankruptcy experts told Metro Times.
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