DETROIT, Sept. 16, 2013 /PRNewswire/ — Judge Steven Rhodes has set Oct. 15-16 as the new dates for creditors to present their arguments against Detroit's bankruptcy, forcing a scramble for the trial.
The Court had originally scheduled September 18th for oral arguments on creditor objections that raised only legal issues and scheduled a trial date on October 23, on creditor objections that raised factual questions that require testimony and other evidence to be presented, but the Judge pushed the September 18th date back and allowed for a second day for the unions and other creditors to make their legal arguments on Detroit's Chapter 9 eligibility.
Nathan Resnick, a Bankruptcy Attorney in Detroit had shared his opinion on the changes in the schedule:
"The Judge has set a very aggressive trial schedule in this case, leaving creditors with little time to prepare for trial. Any delays, artificial obstacles, or gamesmanship will severely impact the creditors' ability to prepare their case. I'm not surprised that several creditors have already accused the City of Detroit of refusing to produce Mayor David Bing and other key government employees for depositions. I am pleased and not surprised that the Judge is moving quickly to set expedited hearings."
The aggressive schedule means that challengers to the city's bankruptcy will have less than three months to submit all evidence that the city isn't bankrupt. Creditors stand to lose hundreds of millions, if not billions, of dollars in obligations. If you have questions about Detroit's Chapter 9 Bankruptcy, you can research frequently asked questions at ResnickLaw.net
"I don't think that anyone would disagree with me that the City of Detroit moved with great speed in filing their bankruptcy case. But, they are certainly not the only one moving at great speed. Judge Steven Rhodes has set a very fast pace of his own and is moving quickly to remove all obstacles to making his fast track schedule work. We will all see very soon whether this historic bankruptcy case will move forward or stop dead in its tracks," Resnick concluded.
On Sept 19, the 110 individuals who objected to the city's eligibility for Chapter 9 bankruptcy will be given time to discuss their positions in court. Their arguments will be limited to three minutes, after which the city will have 30 minutes to respond. There will be no rebuttals.
The key dates are set just days apart leading to the opening trial on October 23. The final deadline for the City of Detroit is March 1, 2014 when it has to file a plan of adjustment which will show its plan to reduce debt. This plan must be approved by at least one group of creditors.
If you're a creditor in Detroit's bankruptcy and have questions please contact the Resnick Law firm directly at 248-642-5400.
If you are a journalist seeking an authoritative source for a story concerning Detroit's Chapter 9 bankruptcy contact James Bellefeuille at 773-840-7892 to arrange an interview with Nathan Resnick of Resnick Law.
CONTACT
Resnick Law, P.C.
40900 Woodward Avenue, Suite 111
Bloomfield Hills, MI 48304
www.ResnickLaw.net
Phone: 248-642-5400
Media Contact:
James Bellefeuille
773-840-7892