9.09....Bankruptcy Time!!!!!!!!
July 11, 2009
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The Detroit Public Schools may have no choice but to file for Chapter 9 bankruptcy, which would make it the first big-city school district to use bankruptcy court to avoid paying millions to vendors, employees and bondholders, experts said Thursday.
DPS Emergency Financial Manager Robert Bobb is continuing to consider the option and met Thursday with retired U.S. Bankruptcy Judge Ray Reynolds Graves.
Jim McTevia of McTevia & Associates of Bingham Farms, which works with companies with serious financial troubles, said DPS has three choices to solve its projected $259-million budget deficit: raise more money, cut costs or declare bankruptcy.
More revenues are extremely unlikely, given DPS's projected enrollment decline of 12,000 students and anticipated state funding cuts. McTevia estimated DPS would have to cut its costs as much as 50%, an almost impossible feat given that more than 80% of most school district costs are salaries and benefits mandated by contracts.
Bobb, a state appointee who took charge of the DPS budget in March, was not able to balance the 2009-10 budget, which totals about $1.2 billion and calls for $21.8 million in debt service payments on bonds sold to eliminate past deficits.
"They're going to have to reduce their debts, and the only vehicle is through the court system," McTevia said.
http://www.freep.com/article/20090710/NEWS01/907100316/With--259M-deficit--DPS-may-wind-up-in-bankruptcy
EXPECT MORE AND MORE STORIES LIKE THIS AS THE ZOMBULATOR INFECTS OUR SYSTEM WITH THE FU VIRUS AND ZOMBATIC FALLOUT HITS IN PLACES YOU WOULD HAVE NEVER FORESEEN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Remember, it was Alstry and The Institute of Alstrynomics that made the call FIRST AND EXLUSIVELY ON CAPS!!!!!....that 70-90% of America will go bankrupt before we bottom out........................................including state and local governments and municipalities, corporations, and individuals.
As we proceed into Fall, we are just entering into the bankruptcy phase of MASSIVE municipal defaults, HUGE corporate defaults, and EXPLOSIVE individual insolvencies.
And just think, some Foolish Fools were calling for a second half recovery as Alstry was projecting the acceptance of THE GREATEST DEPRESSION in World History.
This is NOT THE END OF THE WORLD.....simply the foundation for a NEW BEGINNING!!!!!!!
Alstrynomics is working on ways to prepare for a New Alstrynomic Perspective due to a post dynamic destructive dimentional development destroying delusional dialogues delivered daily.....something which should be apparent by 9.09.
9.09.....The New Alstrynomic Time......................................................................................
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