Detroit Pension Funds to Object in Bankruptcy CaseAugust 19, 2013 – In The News
Michael Sweet was quoted in The Financial Times article "Detroit Pension Funds to Object in Bankruptcy Case." While the full text can be found in the August 19, 2013, issue of The Financial Times, a synopsis is noted below.
Two of Detroit’s largest pension funds were expected on Monday to file objections to the city’s bankruptcy before the deadline set by the bankruptcy court.
In order to proceed with its bankruptcy filing, Detroit must prove it is insolvent and that it has negotiated with creditors in good faith.
“With $18 billion in the hole, I think it’s unlikely that anyone will make an insolvency argument,” said noted bankruptcy attorney Michael Sweet.