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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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Detroit's Bankruptcy Directs To Major Pension Funding Crisis

After the largest municipal bankruptcy filing in U.S. history, the Detroit government is struggling for a solution to make payments on what is consdiered a major pension funding crisis. While the $18 billion debt sent the city into a free fall to insolvency, there is now a growing concern about unfunded pensions for retirees and […]

Author: Joel R. Glucksman

July 20, 2015

Bankruptcy Fees Announced Paid By The City of Detroit

As the curtain opens slowly Detroit’s bankruptcy fees are revealed… City officials disclosed Dec. 30 that Detroit paid out approximately $170.2 million in bankruptcy fees and expenses to lawyers and restructuring consultants during its landmark bankruptcy case. When the state’s reimbursement of $5.29 million is considered, the total fees paid from the city’s general fund […]

Author: Joel R. Glucksman

January 15, 2015

The City Of Detroit Emerges From Bankruptcy

The city of Detroit emerged from bankruptcy on Dec. 10, closing a painful chapter in its history and opening the door to a potentially brighter future. Detroit marked the largest municipal bankruptcy in American history, according to The New York Times. Its historic bankruptcy filing lasted a total of 17 months – relatively short compared […]

Author: Joel R. Glucksman

December 18, 2014

Detroit Close To A Deal With Final Creditor

The city of Detroit appears to be approaching a deal with its largest and last holdout creditor, Financial Guaranty Insurance Co. City attorneys said that they hope to present a settlement in U.S. Bankruptcy Court on Oct. 16 after negotiations with FGIC, according to The Detroit News. Thomas Cullen, a Jones Day attorney who is […]

Author: Joel R. Glucksman

October 17, 2014

Syncora Reaches Deal In Detroit Bankruptcy

Bond insurer Syncora – one of Detroit’s holdout creditors since the city filed for protection under Chapter 9 of the bankruptcy law – has agreed to a comprehensive settlement and has issued a formal apology for its intemperate language during the case, according to the Detroit Free Press. While Syncora’s former ally, bond insurer Financial Guaranty Insurance Co., […]

Author: Joel R. Glucksman

September 25, 2014

Panel of Federal Judges Halts Appeals In Detroit Bankruptcy Case

A panel of federal U.S. judges halted all appeals in the Detroit Bankruptcy Case on Aug. 1 at the request of a number of interested parties, according to the Detroit Free Press. Lawyers for Detroit, the state of Michigan, as well as state Attorney General Bill Schuette, representation for unions, pensioners and retirees wrote to the court, asking it […]

Author: Joel R. Glucksman

August 21, 2014

Two Important Votes in Detroit

Two important votes are scheduled in the Detroit bankruptcy case, the results of which will influence how the city will exit the protection of its case under Chapter 9 of the bankruptcy law. The City Council is set to vote on a resolution that would approve the transfer of Detroit’s assets in the Detroit Institute […]

Author: Joel R. Glucksman

June 12, 2014

Objections Submitted Over Detroit Bankruptcy Plan

The political disputes over Detroit’s restructuring plans were brought sharply into focus May 12, when 15 objections to the city’s debt adjustment plan were filed in bankruptcy court. Objections were filed by creditors, residents, Oakland and Macomb counties and, most notably, by the United States government, according to MLive. The U.S. Department of Housing and […]

Author: Joel R. Glucksman

May 29, 2014

Detroit bankruptcy costs reached almost $36 million in 2013

Detroit has bid to get out of billions of dollars in debt by filing for protection under Chapter 9 of the bankruptcy law. However, in doing so, the city is racking up a large, new bill in the short term. The total fees and expenses to be paid to law firms and consultants engaged in the […]

Author: Joel R. Glucksman

May 27, 2014

Silent victims in the Detroit bankruptcy filing

As the city of Detroit nears a final decision in its bankruptcy case, its pension boards and retirees’ group have reached a tentative agreement that may help the city to get out of Chapter 9 by the end of the year, according to The New York Times. By emergency manager Kevyn Orr’s estimation, the city […]

Author: Joel R. Glucksman

May 9, 2014

Judge Rhodes taps experts to help in Detroit bankruptcy

As Detroit is hoping to approach the end of its sojourn in bankruptcy under Chapter 9 of the bankruptcy law, the judge overseeing the city’s filing has asked experts to advise him on the feasibility of its plan. Judge Steven Rhodes tapped Marti Kopacz of Phoenix Management Services as the court’s expert witness, and former […]

Author: Joel R. Glucksman

May 6, 2014

No Pension Cuts For Detroit's Uniformed Retirees

One of the biggest obstacles to the successful resolution of the Detroit bankruptcy filing so far has been opposition from pensioners, who represent a significant portion of the city’s debt. In an unexpected announcement April 15, Gerald Rosen, Detroit’s bankruptcy mediator, revealed that the city has reached a deal with the Retired Detroit Police and Fire […]

Author: Joel R. Glucksman

April 29, 2014

Detroit

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