Friday, June 14 2013 10:25 PM EDT2013-06-15 02:25:13 GMT
A team led by a state-appointed emergency manager said Friday that Detroit is defaulting on about $2.5 billion in unsecured debt and is asking creditors to take about 10 cents on the dollar of what the city owes them.
A team led by a state-appointed emergency manager said Friday that Detroit is defaulting on about $2.5 billion in unsecured debt and is asking creditors to take about 10 cents on the dollar of what the city owes them.
Friday, May 24 2013 12:07 PM EDT2013-05-24 16:07:12 GMT
Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection.
Officials say the Detroit Institute of Arts' collection could be sold to help satisfy creditors if the financially troubled city of Detroit seeks bankruptcy protection.
Thursday, March 28 2013 11:56 AM EDT2013-03-28 15:56:34 GMT
Michigan's tougher emergency manager law takes effect Thursday. However, its opponents are seeking to block it in federal court, saying the measure is unconstitutional.
Michigan's tougher emergency manager law takes effect Thursday. However, its opponents are seeking to block it in federal court, saying the measure is unconstitutional.
Tuesday, March 26 2013 11:22 PM EDT2013-03-27 03:22:01 GMT
On the day Kevyn Orr takes over the management of the city, Fox 2's Charlie LeDuff goes back 40 years for a unique look back at the time Detroit elected its first African-American mayor.
On the day Kevyn Orr takes over the management of the city, effectively removing Mayor Dave Bing and the Detroit City Council from power, Fox 2's Charlie LeDuff goes back 40 years for a unique look back at the time Detroit elected its first African-American mayor.
Monday, March 25 2013 11:14 PM EDT2013-03-26 03:14:42 GMT
As Detroit's new EFM takes the reigns, young adults with a vested interest in the city are concerned about the future. However, the governor wants them to know they can be part of the change and the solution.
As Detroit's new emergency financial manager takes the reigns, young adults with a vested interest in the city are concerned about the future. However, the governor wants them to know they can be part of the change and the solution.
Monday, March 25 2013 9:18 PM EDT2013-03-26 01:18:49 GMT
Kevyn Orr, Detroit's new financial emergency manager, met with several city leaders during his first day on the job, but not everyone is thrilled with his arrival.
Kevyn Orr, Detroit's new financial emergency manager, met with several city leaders during his first day on the job, but not everyone is thrilled with his arrival.
Monday, March 25 2013 7:23 PM EDT2013-03-25 23:23:58 GMT
Detroit's EMS and police departments are getting a much needed shot in the arm from the corporate world. There will be new ambulances in the next four to five months and 100 new patrol cars within 60 to 90 days.
Detroit's EMS and police departments are getting a much needed shot in the arm from the corporate world. There will be new ambulances in the next four to five months and 100 new patrol cars within 60 to 90 days.
Monday, March 25 2013 12:56 PM EDT2013-03-25 16:56:46 GMT
Fox 2's Maurielle Lue reports protestors are still gathering, waving flags and signs against Detroit's new E.F.M. (Emergency Financial Manager).
Fox 2's Maurielle Lue reports protestors are still gathering, waving flags and signs against Detroit's new E.F.M. (Emergency Financial Manager). Despite the snow and chilly temperatures, the protest was strong for more than half an hour.
LANSING, Mich. (WJBK) -
He's only been in this game for three years, but Gov. Richard Dale Snyder is embarking on the toughest assignment of his young political career by sending emergency manager Kevyn Orr into the city to financially save it from itself.
It's historic and filled with fish hooks.
No other governor has contemplated such a move even though the financial condition of the state's largest city has always been an iffy proposition dating all the way back to Gov. Bill Milliken in the 1970s.
Each subsequent governor after him dealt with the challenge but never helped to resolve it. This governor is hoping his EM move will get the job done once and for all.
If it works, he'll be revered by many as a champ. If not, who knows what they will call him?
The governor has moved quickly on this. On Tuesday Detroit officials suggested an EM was premature. Give us just a little more time, they petitioned the Snyder administration.
A key member of the governor's financial review team that has pawed over the books in Motown offered this pointed conclusion: "Essentially" the city had its chance.
And some would add, they blew it.
Snyder never wanted to do this which is why he signed off last April on a consent agreement that he hoped would place the city on a path to solvency and not an EM.
Eleven months later, the governor obviously concluded the city didn't get it done, so Thursday he pulled the EM trigger.
Protests and court challenges are likely.
The governor knows all this is coming but yet "he is ready to be accountable," according to one source which is what this governor is all about.
He'll take some flak and there is no guarantee it will work, but he thinks it will and for him that's good enough.
Assuming he wins the court challenges, he'll want to demonstrate some early successes to lower the anxiety in the city and show that the EM will work.
He does not want "yelling" and if the city council and the mayor play ball, the governor says they can have a role in all this.
So the governor makes his move and then the city, with its future hanging in the balance, will make it's.
Monday, June 17 2013 7:25 AM EDT2013-06-17 11:25:47 GMT
Since the Tea Party is such an amorphous group with no political center of gravity, it's hard to get your arms around how much support Gov. Rick Snyder had the first time he ran.
Since the Tea Party is such an amorphous group with no political center of gravity, it's hard to get your arms around how much support Gov. Rick Snyder had the first time he ran.
Thursday, June 13 2013 10:35 PM EDT2013-06-14 02:35:56 GMT
The Republican-led Michigan House late Thursday voted to make hundreds of thousands of more low-income adults eligible for Medicaid.
The Republican-led Michigan House late Thursday voted to make hundreds of thousands of more low-income adults eligible for Medicaid, sending the legislation across the Capitol to a chamber where its future may be less uncertain.
Thursday, June 13 2013 6:15 PM EDT2013-06-13 22:15:19 GMT
Michigan's attorney general says the collection at the Detroit Institute of Arts is not vulnerable to being sold to pay off any of the city's debt during a municipal bankruptcy.
Michigan's attorney general says the collection at the Detroit Institute of Arts is not vulnerable to being sold to pay off any of the city's debt during a municipal bankruptcy.
Tuesday, June 11 2013 8:27 AM EDT2013-06-11 12:27:49 GMT
One can only wonder what might have happened had all these White House messes unfolded as Mitt Romney and Barack Obama dashed for the finish line last November.
One can only wonder what might have happened had all these White House messes unfolded as Mitt Romney and Barack Obama dashed for the finish line last November.
Monday, June 10 2013 8:07 AM EDT2013-06-10 12:07:34 GMT
For obvious reasons nobody in the capitol press corps would ever admit this publicly. But if you applied a little truth serum, some would begrudgingly concede that Gov. Rick Snyder is a master at staying on message.
For obvious reasons nobody in the capitol press corps would ever admit this publicly. But if you applied a little truth serum, some would begrudgingly concede that Gov. Rick Snyder is a master at staying on message.
Tuesday, June 18 2013 9:46 PM EDT2013-06-19 01:46:58 GMT
Nearly a hundred years ago, two girls from Detroit put a message in a bottle and threw it into the waters of the St. Clair River. Now that message is back on dry land after being found by a diver in 30 feet of water.
Nearly a hundred years ago, two girls from Detroit put a message in a bottle and threw it into the waters of the St. Clair River. Now that message is back on dry land after being found by a diver in 30 feet of water.
Tuesday, June 18 2013 7:26 PM EDT2013-06-18 23:26:33 GMT
The latest dig in the search for former Teamsters' boss Jimmy Hoffa will resume on Wednesday in an Oakland Township field. So far, crews have found two concrete slabs and animal bones.
The latest dig in the search for former Teamsters' boss Jimmy Hoffa will resume on Wednesday in an Oakland Township field. So far, crews have found two concrete slabs and animal bones.
Tuesday, June 18 2013 4:54 PM EDT2013-06-18 20:54:19 GMT
Who will open for Bon Jovi at Ford Field on July 18? Your vote will decide. 20 bands left in the Fox Rocks contest. Voting period: Now through July 10. Time to 'Fox Rocks' the vote.
Who will open for Bon Jovi at Ford Field on July 18? Your vote will decide. 20 bands left in the Fox Rocks contest. Voting period: Now through July 10. Time to 'Fox Rocks' the vote.
Tuesday, June 18 2013 3:18 PM EDT2013-06-18 19:18:12 GMT
Chrysler avoided a showdown with government safety regulators Tuesday, agreeing to recall 2.7 million older Jeep Grand Cherokee and Liberty SUVs that could be at risk of a fuel tank fire.
Chrysler avoided a showdown with government safety regulators Tuesday, agreeing to recall 2.7 million older Jeep Grand Cherokee and Liberty SUVs that could be at risk of a fuel tank fire.
Tuesday, June 18 2013 12:20 PM EDT2013-06-18 16:20:44 GMT
Detroit Metropolitan Airport officials evacuated a section of the McNamara Terminal Tuesday morning after a canine picked up the scent of explosives on the apron, where planes load.
Detroit Metropolitan Airport officials evacuated a section of the McNamara Terminal Tuesday morning after a canine picked up the scent of explosives on the apron, where planes load.
Tuesday, June 18 2013 11:53 AM EDT2013-06-18 15:53:04 GMT
The Detroit Red Wings have confirmed to FOX 2 that they have agreed to a 3 year contract extension with Pavel Datsyuk that will keep him with the team through the 2016-2017 season.
The Detroit Red Wings have confirmed to FOX 2 that they have agreed to a 3 year contract extension with Pavel Datsyuk that will keep him with the team through the 2016-2017 season.
Gov. Snyder made his emergency manager announcement on Thursday afternoon.
