Emergency manager: Casino money key to Detroit - Fox 2 News Headlines

Emergency manager: Casino money key to Detroit

Posted: Updated:
DETROIT (AP) -

Detroit's state-appointed emergency manager testified that access to casino tax revenues is key to the city staying afloat financially.

Transcripts of Kevyn Orr's Friday deposition were released Tuesday.

An attorney for Syncora Guarantee questioned Orr. The debt insurer had questions about a deal that would let Detroit settle millions of dollars in pension debt with two banks for as little as 75 cents on the dollar.

A judge earlier ruled casino tax revenue can't be withheld from Detroit while the city is seeking Chapter 9 bankruptcy.

Meanwhile, during the deposition, Orr said he has "no plans to use art to relieve the liquidity crisis that the city is in now." Detroit's financial situation has raised concerns about whether the Detroit Institute of Arts' collection might be at risk of sale.

  • Local NewsLocal NewsMore>>

  • Grosse Pointe Park's new farmer's market seen by some as a barrier to Detroit

    Grosse Pointe Park's new farmer's market seen by some as a barrier to Detroit

    Monday, July 28 2014 11:25 PM EDT2014-07-29 03:25:26 GMT
    Some Detroiters are calling for a boycott of Grosse Pointe Park after the city built a farmer's market that they believe cuts off access to and from Detroit.
    Some Detroiters are calling for a boycott of Grosse Pointe Park after the city built a farmer's market that they believe cuts off access to and from Detroit.
  • Detroit teen recovering after basketball accident at park

    Detroit teen recovering after basketball accident at park

    Monday, July 28 2014 10:51 PM EDT2014-07-29 02:51:50 GMT
    A Detroit teen is seriously hurt after an accident at a Detroit park. He has a long road to recovery ahead, but has a strong support system that isn't giving up hope.
    A Detroit teen is seriously hurt after an accident at a Detroit park. He has a long road to recovery ahead, but has a strong support system that isn't giving up hope.

  • Man shot, killed during carjacking on Detroit's west side

    Man shot, killed during carjacking on Detroit's west side

    Monday, July 28 2014 10:37 PM EDT2014-07-29 02:37:16 GMT
    A man was shot to death in an attempted carjacking on Detroit's west side, according to police.
    A man was shot to death in an attempted carjacking on Detroit's west side, according to police.
Powered by WorldNow

WJBK-TV | Fox 2
16550 West Nine Mile Rd.
Southfield, MI 48075

Main Station: (248) 557-2000
Newsroom: (248) 552-5103

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices