NEWS OF THE WEIRD

Detroit Can't Afford Bankruptcy

Posted

It's expensive to go broke in America. Detroit, which most acknowledge acted wisely in filing for bankruptcy protection in July (in the face of debts estimated to be at least $18 billion), will nonetheless be on the hook for bankruptcy legal fees that could total $60 million under current contracts (according to an October New York Times report), plus various expenses, such as the $250,000 to Christie's auction house to price and sell some assets. A fee examiner has been hired to keep the expenses in line, but he charges $600 an hour.

No comments on this story | Add your comment
Please log in or register to add your comment
 
Download our dojax app
What do you think? Browse
Should Jacksonville City Council President Clay Yarborough get to decide what’s art and what’s porn?
Post your review here …