Objections Roll in on Detroit Bankruptcy Filing, to What Effect?August 20, 2013 – In The News
Michael Sweet was quoted in the Christian Science Monitor article "Objections Roll in on Detroit Bankruptcy Filing, to What Effect?" While the full text can be found in the August 20, 2013, issue of Christian Science Monitor, a synopsis is noted below.
Approximately 100 creditors for the city of Detroit have filed objections to the city’s bankruptcy proceedings on grounds it would be unconstitutional. The move may slow the city’s bankruptcy filing, but probably won’t halt it, numerous attorneys have said.
The judge has scheduled an October 23 trial date to determine Detroit’s eligibility, an unusually swift timeframe according to Michael Sweet. “The judge set a very aggressive calendar, but he clearly is intent on moving the process along quickly,” Sweet said.
The biggest delay in the process could stem from creditors’ challenges to the numbers that show the city to be insolvent. “If people want to get into the nuts and bolts of the city’s finances, they’re going to want to see documents, and that could really cause some delay,” said Sweet.