Seeking Alpha

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.
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