Detroit and the Lose-Lose Battle for Blue
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  • Thirdsyphon

    An amendment to the Michigan State Constitution won’t be binding on a Federal Bankruptcy Court, which can and will dish out lumps to pensioners and bondholders alike in parceling out the limited resources of Detroit. Where the amendment really might come into play, though, is afterwards. Remember, a bankruptcy proceeding will only resolve the claims of the various parties against *Detroit*. Once that’s done, the unions might have a claim to be made whole for the remainder of their pensions against the State of Michigan itself, based on that amendment. The bondholders will not.

  • TheCynical1

    Blue Model liberals love federal supremacy, except when they don’t.

  • Bruce

    What nobody has addressed is how in the world guarantees of public pensions winds up in a Constitution.

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