Highland Park, Michigan is on the brink of bankruptcy. There is no other realistic way out of the fiscal mess the city is in. As is typically the case, public union pensions are at the heart of the problem. Michigan Live reports Highland Park pensions in jeopardy if Fifth Third Bank halts loan payments.
At long last, beleaguered taxpayers will not have to put up with nonsense from public unions about the sanctity of pensions.In spite of Michigan constitutional provisions, the federal judge presiding over the Detroit bankruptcy filing not only ruled the city filed in good faith, but more importantly, stated that the a provision in the Michigan Constitution protecting public pensions isn't a bulletproof shield in a bankruptcy.
Detroit’s unions and retired workers face longer odds of ending the record-setting bankruptcy than the city does of winning continued court protection in a trial that started Wednesday, lawyers not involved in the case say.
At a trial that may last into next week, opponents will attack the decision by a state-appointed emergency manager to put Detroit into bankruptcy, where creditors can’t try to seize assets or file suits that disrupt city reorganization efforts.
At least 66 of the 300 partners at Dewey & LeBoeuf have left the firm since the beginning of the year. Dewey missed its financial targets last year and cut its partners' salaries, many of which were guaranteed.