THE DETROIT BANKRUPTCY IS A STEP OF PROGRESS

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^ Detroit : on the move at Movement

Three weeks ago Here and Sphere published Susan Domitrz-Sapienza’s extensively researched story on the comeback of Detroit. As she noted, the economy of “Automobile City” had already reached its bottom and was — and is now — expanding along several lines newly established. The decision of the city’s state-appointed manager to file a Chapter 9 (Municipal) bankruptcy petition would seem, at first, to contradict our reporter’s finding. In fact, the Chapter 9 filing conforms our reporter’s conclusion.

To learn why, one needs to know a bit more about bankruptcy law than the common perception. Most people think of the word “bankruptcy” as the end, a kind of giving up the ghost. This perception is false. There are two kinds of bankruptcy cases. The one that most people think of is “liquidation,” in a liquidation, yes: the petitioner is in fact giving up the ghost — is ending things. There is, however, an entirely different kind of bankruptcy petition : the “reorganization.” In a reorganization filing, the petitioner seeks to restructure its affairs so that they can prosper again. All municipal, Chapter 9 filings are reorganizations.

The reorganizing petitioner seeks to — must — present a reorganization PLAN to the bankruptcy trustee appointed to the case, for approval by its creditors, the Trustee, and the Court. So,me corporate reorganizations fail, but a municipal reorganization cannot : cities have tax revenues that must be paid, and these are quantifiable. all that a city’s reorganization plan needs to is match tax revenues — and maybe also the proceeds of sales of city-owned real estate — to debts. Clearly, in such reorganization, the city’s creditors (including its pensioners) will probably be offered less than full repayment; and yes, each class of creditors must separately approve the reorganization plan. Many amended plans may be filed. But a city’s revenue can be counted on, and, as a reorganization plan may take up to five years to perform, the city’s revenues over that period are likely to offer creditors a fair return.

In addition, financing is often available to reorganization debtors after they file that was not available before ; because (1) post-filing debt is not included in the bankruptcy and thus is not subject to payment of less than full amount due and (2) the reorganization plan, as it becomes an order of court, makes the city’s post-filing credit standing easy to compute. A Detroit bondholder, for example, can readily exchange pre-filing bonds for post-filing bonds, if such are offered.

So much for the bankruptcy law as it applies to the Detroit filing.

The bigger point is that no bankruptcy petitioner files a reorganization until its finances look promising enough for it to present a feasible Plan. Such is the case with Detroit. Its finances are improving. real estate is selling fast. New businesses are starting up. Chrysler’s Jeep Cherokee plant is booming — as was reported recently in the Bew York Times. The Movement EDM Festival is bringing thousands of young visitors to the city on Memorial day weekend. Artists are setting up shop in Detroit, where rents for lofts are cheaper than cheap. Real estate tax revenues will only increase.

All of which is why Detroit’s bankruptcy filing signals the city’s recovery, not its failure.

—– Michael Freedberg / Here and Sphere

ONE QUESTION ( SHE’S ) TO SHY, OR GROSSED OUT TO ASK….

Man-Cestry

ONE QUESTION ( SHE’S ) TO SHY, OR GROSSED OUT TO ASK….

mancestryquestions

I AM MAN……..

“HEAR ME ROAR” would just be way to cliché — so instead I will say

” How you dooooin?”…Now that the girls have giggled and thrown up in their mouths, I can happily begin my first post for Here and Sphere.

Woman are funny, disturbing, wildly attractive, and insanely annoying creatures. They have brilliant minds, and Jedi tricks — their super powers are kind of awesome — also THEY PISS ME OFF TO NO END.

However: without them life would SERIOUSLY be a GIANT boring sausage fest, of gaming, messy houses, unshaven…..well…EVERYTHING….and TOTAL BOREDOM.

So in the spirit of these brazen, self – starting, and completely  bewildering Goddesses…. <—-(hoping I scored points there, though doubtful) — I give a peace-offering of sorts. INFORMATION, yup that’s right…. I may even break guy code here — so hopefully no one puts a hit on me. IF I live to see another day, MEN — Will at some point thank me….. I PROMISE…

HERE IS A QUESTION, WOMAN WANT ANSWERED — BUT ARE TO SHY TO ASK:

Q. Numero Uno) Why in the hell does it take so damn long for a guy to take a crap?

A. Well my lovely Fast Crapper’s, and power pusher’s of the world;                  1.) WE ENJOY THE DAMN SILENCE. The reason that porcelain god is called a “Throne” is — for when we sit upon it We are one again King of OUR castle.  ”If” we share a domicile, that means that at some point…..YOU WON. We surrendered our hearts and spare key, to the woman we knew should be ” Our Queen”. 

2.) The Solace of the “poop room” helps us to think…. ( Yes we really do that thinking thing….smart-ass) It’s a “Turd World Country” but it is rich in plushCottonelle butt paper. Plus there are hand-towels..neatly folded and perfectly placed hand-towels (that we KNOW we are NOT supposed to touch — since they are simply there to look pretty.)

3.) THERE ARE NO RULES…Other than the hand-towel NO-NO!!!! In the “Palace of Poo” we men are FREE. We are allowed by human-ism, and possibly god given right — to obnoxiously fill the air — with our rancid man-ufactured, possibly toxic, tear-inducing ass perfume. AND THERE…..It is acceptable….even encouraged.

4.) Finally and most honestly –IT FEELS GOOD….. There I said it.. After all we worked hard for that feeling of accomplishment. After stuffing our faces behind the backs of our beloved queens, and slowly digesting our gluttonous bounty — it feels GREAT to know….. OUR CRAP STILL WORKS……….

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Your Friend: Lost in Mans-lation