Bill on Bankruptcy: Detroit Shows Need for Amending Bankruptcy Law
Municipal Bankruptcies – Interview with Bill Kannel, Member, Mintz Levin
Bill on Bankruptcy: Detroit Judge Might Lose Grip on the Case
Harvey Miller: Detroit Will Be In Bankruptcy "For A Long Time"
The cashless ban aims to support over 100,000 unbanked Detroit residents. The ordinance was enacted by the City Council on June 13, 2023 and is effective on September 11, 2023. While there is no existing federal law...more
There is evidence of a turn-around for municipalities recently struggling to stay afloat. We have posted on several occasions about the fiscal challenges facing municipalities nationwide, from Detroit and Chicago in 2015 and...more
The North American International Auto Show is in full swing this week in Detroit, with 40 new model introductions amid a frenzy of discussions about Mobility. Events kicked off last week with the Annual Meeting of MICHauto,...more
On August 13, 2015, union pension fund NECA-IBEW Health & Welfare (“NECA”) and the Police and Fire Retirement Systems of the City of Detroit (“PFRS”), acting on behalf of proposed classes of institutional and individual...more
I have been practicing public finance law for almost thirteen years, and during the first half of that period, I never gave Chapter 9 of the Bankruptcy Code much thought, as prior to the financial crisis, municipal...more
Council of EU Agrees General Approach on Proposed Regulation on Securities Financing Transactions - On November 20, the Council of the EU published a press release reporting that its Permanent Representatives Committee...more
Bank of America and Merrill Lynch Settle RMBS Lawsuit with FDIC - On November 17, Bank of America and Merrill Lynch settled securities claims brought by the FDIC related to RMBS sold to United Western Bank. The FDIC,...more
Agencies Apply Increased Leverage Ratio to Large U.S. Banks - On April 8, the Fed, FDIC and OCC adopted the final rule to increase the leverage ratio for the largest U.S. banks. The final rule applies to U.S. bank...more
Last week, the City of Detroit Chapter 11 bankruptcy case saw a handful of developments. First, the City filed a motion seeking approval of a further revised proposed settlement with its swap counterparties. The City now...more
The Michigan Gaming Control Board (“MGCB”) released the revenue and wagering tax data for January 2014 for the three Detroit, Michigan, commercial casinos. The three Detroit commercial casinos posted a collective 9.5%...more
On February 21, the City of Detroit filed a proposed plan of adjustment and disclosure statement in its Chapter 9 bankruptcy proceedings. The proposed plan would provide general obligation bond claims with a 20 percent...more
ESMA Q&A on Application of AIFMD - On February 17, the European Securities and Markets Authority (ESMA) published a questions and answers paper (Q&A) on the application of the Alternative Investment Fund Managers...more
At a hearing on December 3, Judge Stephen Rhodes ruled that the City of Detroit was eligible to file for protection under Chapter 9 of the Bankruptcy Code. While the City filed for bankruptcy back in July and has been...more
Council of EU Publishes UK Issues Paper on MLD4 - On November 24, the Council of the European Union published a note (dated November 8, 2013) from the Council Presidency to Council Delegations which includes a UK...more
The Michigan Gaming Control Board (“MGCB”) released the revenue and wagering tax data for October 2013 for the three Detroit, Michigan, commercial casinos. The three Detroit commercial casinos posted a collective 4.2%...more
The Michigan Gaming Control Board (“MGCB”) released the revenue and wagering tax data for September 2013 for the three Detroit, Michigan commercial casinos. The three Detroit commercial casinos posted a collective 6.8%...more
In This Issue: - DICKINSON WRIGHT ENTERS INTO COOPERATION AGREEMENT WITH BULGARIA-BASED VELCHEV & CO.: Dickinson Wright PLLC has entered into a cooperation agreement with the Sofia, Bulgaria-based law firm...more
Earlier this month, Judge Judith J. Gische of the Appellate Division of the Supreme Court of New York, First Judicial Department found that ACA Financial Guaranty Corporation, as bond insurer, must make future,...more
When public institutions are suffering from financial deficits, one question is usually raised: can they sell art to survive? In the museum world it is generally understood that you are to deaccession art only if the work is...more
Attorney Bill Kannel, Member of Mintz Levin's Bankruptcy, Restructuring & Commercial Law Practice, discusses the prerequisites for municipalities looking to file Chapter 9 bankruptcy. ...more
Featured in this month's edition: - "U.S. Person" Definitions Under the Final Exemptive Order and the Final Guidance, Application to Certain Foreign Branches, and Determination for Collective Investment Vehicles -...more
In the last two weeks, the Honorable Steven W. Rhodes of the Bankruptcy Court for the Eastern District of Michigan held two important in hearings in the City of Detroit’s chapter 9 case, the largest in history....more
Joint Release on Stress-Test Guidance - On July 30, the FDIC, Fed and OCC released a request for comment on proposed guidance describing supervisory expectations for stress tests required by the Dodd-Frank Act to be...more
Health Care Reform: IRS Transitional Relief Delays Pay or Play Reporting and Penalties - As we reported in an alert on July 3, the IRS has provided transitional relief to employers that delays pay or play reporting and...more
On July 24, 2013, Judge Steven W. Rhodes of the Bankruptcy Court for the Eastern District of Michigan approved the City of Detroit’s motion to extend the automatic stay to various non-debtor parties, including certain state...more