Detroit Bankruptcy Ruling Poses Risks, ChallengesDecember 2, 2013 – In The News
Michael Sweet was quoted in The Detroit News article "Detroit Bankruptcy Ruling Poses Risks, Challenges." While the full text can be found in the December 2, 2013, issue of The Detroit News, a synopsis is noted below.
A federal judge is scheduled to rule on Detroit’s application for bankruptcy relief on Tuesday, in a decision that attorneys say could either set the stage for an orderly resolution of the city’s debt or lead to a financial free-for-all.
Although many consider it likely that Detroit is ruled eligible, there is a chance the judge could rule the city ineligible. Outside of bankruptcy protection, a creditor could get a judgment to collect on debts and potentially seize the city’s assets such as pieces from the Detroit Institute of the Arts’ collection.
“It’s a race to the courthouse among creditors to see who gets the Warhol first,” said Michael Sweet.