Bond Insurers Grow ‘More Isolated’ in Opposition to Detroit’s ‘Grand Bargain’July 23, 2014 – In The News
Michael A. Sweet was quoted in The Detroit News article, “Bond Insurers Grow ‘More Isolated’ in Opposition to Detroit’s ‘Grand Bargain.’” Full text can be found in the July 23, 2014, issue, but a synopsis is below.
Bond insurers intend to continue their fight over the city of Detroit’s plan to dump $7 billion in debt and favor pensioners over financial creditors.
Results from a vote among retirees and other creditors in support of Detroit’s “grand bargain,” clarified the battle ahead of an August 14 trial on the city’s debt-cutting plan.
“If more ballots had come in against the plan, I think that it might have caused bond insurers to feel more empowered to fight,” said Michael Sweet. “But now you see they’re more isolated.”