Detroit bankruptcy creditors ask judge to take steps toward sale of DIA treasures

[okaawhatever]

31. The other question is, what collateral is traditionally put up for city and/or county bonds. If

that type of asset is traditionally considered collateral when issuing bonds, then I agree. (except for what someone else posted about the county and Wayne County also paying for it, which would give them a claim).

While the creditors are owed money, we have to remember purchasing bonds is an at-risk investment. The reason Detroit paid higher interest rates was because there was a greater risk of losing money. I know early on the emergency manager or someone else tied to the Governor proposed making the bond holders whole and cutting pension benefits by almost 80%. Sorry, bond purchasing is an at risk investment and you may not get 100% back. What they were trying to do in the beginning should be criminal. Also, the tea party/Republican types have said this is ground zero for new laws trashing unions and pensions. They want scotus to rule they can legally screw them out of their benefits.