December 4, 2013


The bill for decades of Detroit's financial decline has now come due.

A federal judge's ruling approving the largest municipal bankruptcy in U.S. history Tuesday sets the stage for an epic legal battle over who will be asked to help pick up the tab, including bond investors, retired city workers, city vendors, state taxpayers, or Wall Street bankers.

"You're going to see battles and battles and battles on a variety of things," said Randye Soref, a bankruptcy attorney with Polsinelli in Los Angeles. "The question is whether you're going to see any real negotiation toward a plan."

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