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Full-Text Articles in Law
Pills And Picasso: Evaluating The Proposed Liquidation Of The Detroit Institute Of Arts During The Detroit Bankruptcy, Kevin Deutsch
Pills And Picasso: Evaluating The Proposed Liquidation Of The Detroit Institute Of Arts During The Detroit Bankruptcy, Kevin Deutsch
Michigan Business & Entrepreneurial Law Review
Part I of this Note provides background information that is helpful for understanding the Detroit bankruptcy, the role of the DIA in the bankruptcy, and municipal bankruptcies in general. Part II evaluates equitable arguments against a sale of the DIA’s collection. Part III provides a rationale for a partial sale of the DIA’s collection.
Dispossessing Resident Voice: Municipal Receiverships And The Public Trust, Juliet M. Moringiello
Dispossessing Resident Voice: Municipal Receiverships And The Public Trust, Juliet M. Moringiello
University of Michigan Journal of Law Reform
The residents of struggling cities suffer property dispossessions both as individual owners and as municipal residents. Their individual dispossessions are part of a cycle that often begins with industrial decline. In Detroit, for example, more than 100,000 residents have lost their homes to tax foreclosure over a four-year period that bracketed the city’s bankruptcy filing. Falling property values, job losses, and foreclosures affect municipal budgets by reducing tax revenues. As individual dispossessions exacerbate municipal financial crises, residents can also face the loss of municipal property. Struggling cities and towns often sell publicly owned property—from parks to parking systems—to balance municipal …
What Bankruptcy Law Can And Cannot Do For Puerto Rico, John A. E. Pottow
What Bankruptcy Law Can And Cannot Do For Puerto Rico, John A. E. Pottow
Articles
This article is based on a February 2016 keynote address given at the University of Puerto Rico Law Review Symposium “Public Debt and the Future of Puerto Rico.” Thus, much of it remains written in the first person, and so the reader may imagine the joy of being in the audience. (Citations and footnotes have been inserted before publication ‒ sidebars that no reasonable person would ever have inflicted upon a live audience, even one interested in bankruptcy law. Rhetorical accuracy thus yields to scholarly pedantics.) The analysis explains how bankruptcy law not only can but will be required to …
Detroit's Real Challenge, John A. E. Pottow
Detroit's Real Challenge, John A. E. Pottow
Articles
When Detroit became the largest city in U.S. history to file for bankruptcy, it was a bad thing—unless you have the unique world-view of a bankruptcy lawyer, in which case it was marvelous news, worthy of celebration.
Municipal Bankruptcy: The Need For An Expanded Chapter Ix, Daniel J. Goldberg
Municipal Bankruptcy: The Need For An Expanded Chapter Ix, Daniel J. Goldberg
University of Michigan Journal of Law Reform
New York City's default crisis in 1975 presented to Congress and the nation the possibility of a major municipality's entering the federal bankruptcy court. Chapter IX of the Bankruptcy Act, as recently amended by Congress, provides the exclusive remedy by which local governmental units may obtain relief from burdensome indebtedness. Unlike certain other chapters of the Bankruptcy Act, Chapter IX is limited to a voluntary composition or extension of indebtedness. In recent years municipalities have developed complex systems of financing, while experiencing unprecedented expansion in the services which they must provide. Accordingly, a mere composition of municipal indebtedness is no …