Betting Judge Rhodes approves swap settlement today at 2pm.  The City got reduction in settlement amount that Judge Rhodes requested they get.  Judge Rhodes appointed mediator, Judge Rosen, has approved new settlement.  It seems City has accomplished what Judge Rhodes… Continue Reading  

After finishing our 13th year in business, the end of the year is always a good time to reflect. The firm was once again recognized for successful outcomes in difficult transactions. The agricultural industry continues to provide opportunities for our… Continue Reading  

Not a big surprise today that Judge Rhodes asked Kevyn Orr to go back to the drawing board on his swap settlement. The beauty of bankruptcy is that it levels the playing field for creditors in terms of understanding the… Continue Reading  

This week the Judge rules on whether the City’s filing for Chapter 9 was proper.  I believe he will rule favorably to the EM and allow the bankruptcy.  My guess is this will ignite a flurry of legal activity.  I… Continue Reading  

Today Judge Rhodes will start to hear arguments from the City and opposing parties (creditors).  The big issues are; did the City meet the requirements for a Chapter 9 filing?  The two big requirements are financial duress (insolvency) and did… Continue Reading  

The City of Detroit Bankruptcy is gathering international scrutiny.  Four reporters from WEDGE magazine, a business publication in Japan, visited our offices last week to discuss how the City of Detroit incurred financial duress.  They were interested in the prolonged… Continue Reading  

There are a couple of important factors that distinguish this industry from many others in a workout situation. Two crucial areas include: • The relationship and contractual agreements between the Franchisor and Franchisee • The status and relationship with the… Continue Reading  

A game of cat and mouse is being played on the amount of the unfunded Detroit pension liability. A higher unfunded amount means retirees will have a larger claim on the City’s assets. If the unfunded amount is greater than… Continue Reading  

We are receiving many questions regarding the pending financial crisis in Detroit. I thought I would address some of the issues in this week’s blog. Is Detroit going to file Chapter 9? I don’t see at this juncture how they… Continue Reading  

Clients with debt covenants in their loan documents should be aware that new proposed accounting guidelines for leases will require companies to put on their balance sheet all “right to use assets” with remaining lease terms greater than 12 months…. Continue Reading