Detroit Bankruptcy Comes Home as Retirees Get Customized BallotsMay 22, 2014 – In The News
Michael A. Sweet was featured in the Bloomberg article, "Detroit Bankruptcy Comes Home as Retirees Get Customized Ballots." Full text can be found in the May 22, 2014, issue, but a synopsis is noted below.
Approximately 30,000 retirees and employees are among Detroit’s creditors deciding how to vote on a customized ballot that allows them to choose between small or large pension cuts.
U.S. Bankruptcy Judge Steven Rhodes has allowed 110,000 creditors to vote on the plan, making Detroit’s case unique according to Michael Sweet. The deal also relies on 145 members of the legislature, which must approve the state’s $195 million stake.