real-time news and commentary for investors
Tuesday, Aug 20
Objections to Detroit bankruptcy filed
- Labor unions, pension funds and individuals have submitted their objections to Detroit's request for bankruptcy protection.
- However, bondholders and bond insurers didn't file their opposition by last night's deadline despite the billions of dollars at stake. It wasn't immediately clear why not.
- The arguments against Detroit's Chapter 9 filing include that it breaches state and national constitutions, that the city didn't negotiate in good faith, as it should have done, and that it hasn't proven that it's insolvent.
- ETFs: MUB, SUB, MUNI, PVI, PZA, SHM, TFI, VRD, HYD, ITM, MLN, PRB, SMB, GMMB, SMMU, RVNU.