Is Detroit's Bankruptcy Crisis a Contrived Scheme?
On March 14, 2013, Independent Underground RADIO LIVE had an Exclusive Interview with then President of Citizens of Detroit's Future, former head of Michigan's Board of Accountancy and C.P.A. Tom Barrow.
Mr. Barrow is one of the 27 candidates who is vying to be Detroit's next Mayor.
On August 6, 2013, Detroit's voters will cast a primary ballot for City Mayor and Council positions. A run-off election will take place on November 5, 2013 for the top two candidates in each race for a elected office position, including the Mayoral race.
In our initial and continuing interviews with since March 14, 2013, C.P.A. Barrow has exposed, based on his vast fiscal and financial knowledge, the strategy Governor Rick Snyder, State Treasurer Andy Dillon who's now missing in action for reasons unknown and Detroit's appointed Emergency Manager, former Jones Day Law Firm Bankruptcy Attorney Kevyn Orr engaged within to force Detroit into Bankruptcy.
Independent Underground Radio LIVE obtained a Exclusive Interview with President of Citizen's for Detroit's Future, Former Head of Michigan Licensing Board of Accountancy and C.P.A.- Tom Barrow, in early March 2013.
In the interview, C.P.A. Barrow who's a 2013 candidate for Mayor of Detroit warned on Michigan's Governor Rick Snyder's intentions assigning a Emergency Manager to the City could lead to dangerous consequences for Pension Retirees.
Mr. Barrow specifically shared details of a financial review meeting he was invited to attend with Councilwoman Joanne Watson (D) and State Treasurer Andy Dillon. State Treasurer Dillon revealed under Barrow's tough and pointed financial questions, the City of Detroit did not have a immediate fiscal crisis.
During the meeting C.P.A. Barrow detailed how State Treasurer Dillon decried the primary reason an Emergency Manager was assigned to Detroit, was to deal with the City long-term debt by restructuring or eliminating Detroit's Retiree Pension Obligations.
On Thursday, July 18th, Michigan's Governor Rick Snyder with his Emergency Manager Kevyn Orr announced Detroit, Michigan will launch the largest bankruptcy proceeding in United States history, after Detroit's Pension Board launched a lawsuit on Wednesday, July 17, 2013, to determine if Gov. Snyder and E.M. true mission in the bankruptcy process of the end City of Detroit Retiree Pension Guarantees.
Ingham County Circuit Court Judge Rosemarie Aquilina issued a order blocking Governor Rick Snyder and Emergency Manager Kevyn Orr's Chapter 9 municipal bankruptcy filing on Thursday afternoon. Michigan's Attorney General Bill Scheutte (R) immediately filed with the State Appeal Court to overrule Judge Aquilina order Friday, July 19, 2013.
The Detroit Free Press July 19, 2013, reported the following information on Judge Aquilina's ruling:
"An Ingham County judge says Thursday's historic Detroit bankruptcy filing violates the Michigan Constitution and state law and must be withdrawn.
State Attorney General Bill Schuette said he will appeal Circuit Judge Rosemarie Aquilina’s Friday rulings, seeking emergency consideration by the Michigan Court of Appeals. He wants her orders stayed pending the appeals, he said in a news release.
In a spate of orders today arising from three separate lawsuits, Aquilina said Gov. Rick Snyder and Detroit emergency manager Kevyn Orr must take no further actions that threaten to diminish the pension benefits of City of Detroit retirees.
“I have some very serious concerns because there was this rush to bankruptcy court that didn’t have to occur and shouldn’t have occurred,” Aquilina said.
“Plaintiffs shouldn’t have been blindsided,” and “this process shouldn’t have been ignored.”
Lawyers representing pensioners and two city pension funds got an emergency hearing with Aquilina Thursday at which she said she planned to issue an order to block the bankruptcy filing. But lawyers and the judge learned Orr filed the Detroit bankruptcy petition in Detroit five minutes before the hearing began.
Aquilina said the Michigan Constitution prohibits actions that will lessen the pension benefits of public employees, including those in the City of Detroit. Snyder and Orr violated the constitution by going ahead with the bankruptcy filing, because they know reductions in those benefits will result."
Listen to this IMPORTANT 19 minutes and 18 sections of our interview with C.P.A. Tom Barrow to fully understand the true issues surrounding Detroit's questionable "Bankruptcy" declaration.
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