Sat, Jul 4, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Distressed debt funds look at Detroit, Miami for opportunities

Wednesday, July 24, 2013

Bailey McCann, Opalesque New York:

Detroit, Michigan is 312 years old. A quick scan of birthday etiquette rules on what to get for such an age won’t yield much, but I’m betting Emily Post wouldn’t have recommended bankruptcy. Yet, that’s exactly what the city will be getting for its birthday this year. Detroit made history when it filed for the largest municipal bankruptcy so far, at the tail end of last week, and that filing was only the opening volley in what will likely be a long protracted battle for the future of the Motor City.

This morning, the first bankruptcy related court hearing is set to start at 10 a.m. Judge Steven Rhodes will hear arguments on lawsuits that were filed against the city before the bankruptcy claim was filed and whether those cases can move forward. Basically what’s happening is this – under Chapter 9 bankruptcy – the type of bankruptcy filed by emergency manager Kevyn Orr, the city may be eligible for a stay on pending litigation, forcing those plaintiffs to fight it out in bankruptcy court. However, the courts have to allow the bankruptcy to move forward, first.

That hearing won’t come up for a few weeks, but today’s arguments are part of a broader issue – whether Detroit can file at all. Currently, there are federal and state objections to the filing, and pensioners who are expected to take some of the biggest haircuts in any deal, are arguing that the filing violates the state constitution.

"I think it is too soon to......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: New systematic strategy managed alongside research firm outperforms S&P500[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: An emerging CTA manager explains how he runs his strategy, which is based on an index produced by a research firm. Peter Turk is head of

  2. Opalesque Exclusive: New systematic strategy embraces machine learning[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The founder of a New York-based systematic trading firm, which offers a hybrid between alpha strategies and alternative feta at lower fees, describes his approa

  3. Larry Robbins' hedge fund Glenview buys 1m Tenet Healthcare shares[more]

    Komfie Manalo, Opalesque Asia: Glenview Capital Management said it bought an additional 979,482 shares at Tenet Healthcare Corp valued at $53.80 million, raising its stakes in the healthcare services company to 15.16%, reported

  4. Legal - Grayson’s hedge funds under scrutiny for possible ethics violations, Court rejects hedge fund’s motion to block merger of Samsung affiliates[more]

    Grayson’s hedge funds under scrutiny for possible ethics violations From Freebeacon.com: Rep. Alan Grayson is finding himself in hot water over managing hedge funds that bear his name, actions that are in possible violation of House ethics rules. Sitting members of Congress are prohibite

  5. Hedge funds decline in June as stocks tumble on Greek woes[more]

    From Bloomberg.com: Hedge funds posted losses across strategies last month as uncertainty over whether Greece will remain in the euro sent global stock markets tumbling. Winton Capital Management declined about 3.1 percent in June in its $12.1 billion Winton Futures Fund, leaving it down 1.9 percent

 

banner