Friday, June 14 2013 10:25 PM EDT2013-06-15 02:25:13 GMT
A team led by a state-appointed emergency manager said Friday that Detroit is defaulting on about $2.5 billion in unsecured debt and is asking creditors to take about 10 cents on the dollar of what the city owes them.
A team led by a state-appointed emergency manager said Friday that Detroit is defaulting on about $2.5 billion in unsecured debt and is asking creditors to take about 10 cents on the dollar of what the city owes them.
Friday, May 24 2013 12:07 PM EDT2013-05-24 16:07:12 GMT
Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection.
Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection.
Thursday, March 28 2013 11:56 AM EDT2013-03-28 15:56:34 GMT
Michigan's tougher emergency manager law takes effect Thursday. However, its opponents are seeking to block it in federal court, saying the measure is unconstitutional.
Michigan's tougher emergency manager law takes effect Thursday. However, its opponents are seeking to block it in federal court, saying the measure is unconstitutional.
Tuesday, March 26 2013 11:22 PM EDT2013-03-27 03:22:01 GMT
On the day Kevyn Orr takes over the management of the city, Fox 2's Charlie LeDuff goes back 40 years for a unique look back at the time Detroit elected its first African-American mayor.
On the day Kevyn Orr takes over the management of the city, effectively removing Mayor Dave Bing and the Detroit City Council from power, Fox 2's Charlie LeDuff goes back 40 years for a unique look back at the time Detroit elected its first African-American mayor.
Monday, March 25 2013 11:14 PM EDT2013-03-26 03:14:42 GMT
As Detroit's new EFM takes the reigns, young adults with a vested interest in the city are concerned about the future. However, the governor wants them to know they can be part of the change and the solution.
As Detroit's new emergency financial manager takes the reigns, young adults with a vested interest in the city are concerned about the future. However, the governor wants them to know they can be part of the change and the solution.
Monday, March 25 2013 9:18 PM EDT2013-03-26 01:18:49 GMT
Kevyn Orr, Detroit's new financial emergency manager, met with several city leaders during his first day on the job, but not everyone is thrilled with his arrival.
Kevyn Orr, Detroit's new financial emergency manager, met with several city leaders during his first day on the job, but not everyone is thrilled with his arrival.
Monday, March 25 2013 7:23 PM EDT2013-03-25 23:23:58 GMT
Detroit's EMS and police departments are getting a much needed shot in the arm from the corporate world. There will be new ambulances in the next four to five months and 100 new patrol cars within 60 to 90 days.
Detroit's EMS and police departments are getting a much needed shot in the arm from the corporate world. There will be new ambulances in the next four to five months and 100 new patrol cars within 60 to 90 days.
Monday, March 25 2013 12:56 PM EDT2013-03-25 16:56:46 GMT
Fox 2's Maurielle Lue reports protestors are still gathering, waving flags and signs against Detroit's new E.F.M. (Emergency Financial Manager).
Fox 2's Maurielle Lue reports protestors are still gathering, waving flags and signs against Detroit's new E.F.M. (Emergency Financial Manager). Despite the snow and chilly temperatures, the protest was strong for more than half an hour.
SOUTHFIELD, Mich. (WJBK) -
Thursday is decision day for Governor Snyder. After reviewing the evidence for and against an emergency financial manager, he is expected to announce the next step in Detroit's future. However, we may already know that decision thanks to Fox 2's political correspondent Tim Skubick.
"The governor has decided and he will announce at two o'clock [Thursday] afternoon Detroit indeed does need, repeat does need, an emergency manager, and he will send the emergency manager in," said Skubick. "Now this may not start right away because court challenges are likely, but the governor reached the conclusion... after reviewing the testimony that the city presented... basically with the city pleading with the governor saying that the EM was premature. Obviously the governor did not agree. It's not premature. It's what is needed to be done to get the city back on a solvent path, and while last year he didn't want to do an EM, he has now concluded that's the direction he will head."
You can watch live coverage of Snyder's announcement here on myFOXDetroit.com.
"Here's the other sticky widget for the governor. His major assignment after making this announcement that an EM is coming in, he needs quickly to establish in the minds of Detroiters that this is going to work. So look for him to do something like sending in the State Police. But here's the catchy one. He needs state legislative support to come with the money in order to do that. For example, if he wanted to clean up the accounting system in Detroit, that will take dollars that Detroit doesn't have. Where is the governor going to go? He's going to go to the legislature. The question is will he get up front dollars after he pulls the EM trigger. A huge question mark. This is a most historic decision for this governor. It probably is the biggest one of his young political career," he added.
We've been hearing Kevyn Orr may be appointed the EFM. He's a graduate of the University of Michigan Law School. He's a high powered attorney with offices in Washington, D.C. What has Skubick heard?
"The governor met with Mr. Orr in Washington, D.C. last week during the National Governors Conference, and we're also told that Detroit Mayor Dave Bing was in the same meeting. So they do have a relationship, obviously if this is the gentleman, and all the media people seem to think that Mr. Orr is. His job will be to come in to try to turn the city around," he said.
Wednesday, June 19 2013 11:26 PM EDT2013-06-20 03:26:37 GMT
Mitchell Young's trial got underway on Wednesday. He is accused in the murder of Robert Cipriano and the beatings of Robert's wife, Rose, and son, Sal.
Mitchell Young's trial got underway on Wednesday. He is accused in the murder of Robert Cipriano and the beatings of Robert's wife, Rose, and son, Sal.
Wednesday, June 19 2013 9:52 PM EDT2013-06-20 01:52:15 GMT
The Detroit Red Wings and city officials on Wednesday announced a $650 million plan for a new arena development for the NHL team in Detroit's downtown entertainment and sports district.
The Detroit Red Wings and city officials on Wednesday announced a $650 million plan for a new arena development for the NHL team in Detroit's downtown entertainment and sports district.
Wednesday, June 19 2013 9:39 PM EDT2013-06-20 01:39:53 GMT
The state's school superintendent and treasurer could dissolve a deficit-ridden district and send the students to nearby schools under legislation narrowly approved Wednesday by a divided Michigan Senate.
The state's school superintendent and treasurer could dissolve a deficit-ridden district and send the students to nearby schools under legislation narrowly approved Wednesday by a divided Michigan Senate.
Wednesday, June 19 2013 9:33 PM EDT2013-06-20 01:33:24 GMT
Gov. Rick Snyder on Wednesday cut short his trade trip to Israel to return home and lobby reluctant fellow Republicans to expand Medicaid to more Michigan adults...
Gov. Rick Snyder on Wednesday cut short his trade trip to Israel to return home and lobby reluctant fellow Republicans to expand Medicaid to more Michigan adults, as the clock ticked before lawmakers break for the summer.
Wednesday, June 19 2013 9:21 PM EDT2013-06-20 01:21:00 GMT
Dequindre-Emery Playlot had become grossly overgrown. George Bearid said enough is enough and began mowing on Sunday. Now several neighbors have joined the effort to clean up the park.
Dequindre-Emery Playlot had become grossly overgrown. George Bearid said enough is enough and began mowing on Sunday. Now several neighbors have joined the effort to clean up the park.
Wednesday, June 19 2013 8:03 PM EDT2013-06-20 00:03:28 GMT
"I don't blame the clerk," Mike Duggan said as he ended his mayoral bid. Two courts ruled he cannot be on the ballot because he had not lived in Detroit for a year when he filed.
"I don't blame the clerk," Mike Duggan said as he ended his mayoral bid. Two courts ruled he cannot be on the ballot because he had not lived in Detroit for a year when he filed.
Gov. Rick Snyder (Credit: Fox 2 News)
