TOP 10 RIGHT NOW
Read it at Detroit Free Press
U.S. Bankruptcy Judge Steven Rhodes ruled Tuesday that Detroit is eligible for bankruptcy, the largest municipal filing in history. In the historic ruling, Rhodes said pensions can be cut as part of Detroit's bankruptcy—a move that the city's unions are likely to appeal. In the bitter nine-day court battle leading up to Rhodes’s ruling, emergency city manager Kevyn Orr has argued that the city’s $18 billion debt—as well as its long-term liabilities—must be reduced to help the city move out of bankruptcy.