Detroit bankruptcy update: The Retired Detroit Police and Fire Fighters Association’s board voted unanimously Tuesday to support the city’s latest offer to settle their claim in the bankruptcy, association president Donald Taylor said. Retirees would be expected to approve the so-called “grand bargain” of $816 million pledged toward their pensions by 12 private foundations, the state of Michigan and donors of the Detroit Institute of Arts. In exchange for the money, the DIA’s assets would be shielded from a fire sale to satisfy creditors.
Posted on: Tue, 15 Apr 2014 16:39:32 +0000
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