Revelation 6:3-4 NCV When the Lamb opened the second seal, I heard the second living creature say, "Come!" Then another horse came out, a red one. Its rider was given power to take away peace (prosperity, rest) from the earth and to make people kill each other (butcher, slaughter, to maim violently, in streets), and he was given a big sword (assassins sword, terrorist, loud, mighty, sore afraid).
History was made late Thursday afternoon when the nation’s 18th largest city filed for bankruptcy protection.
Detroit’s filing marks years of decline for a once iconic city that houses America’s automotive industry. Financial mismanagement, population loss and a shrunken tax base are all being blamed for the city’s dire state.
Governor Rick Snyder approved the recommendation of Emergency Manager Kevyn Orr to file the 16 page bankruptcy petition in U.S. Bankruptcy Court in Detroit.
Representatives of various Detroit related pension plans immediately began to file injunctions against the bankruptcy action. If the case goes before a bankruptcy judge, he could choose to slash benefits given to pensioners from the city.
A County Circuit judge issued a temporary restraining order prohibiting the governor or Mr. Orr from making any further actions in the bankruptcy process.
Legal experts say the Chapter 9 filing could take years to complete. According to the filing, unsecured claims against the city top $11.45 billion and the bankruptcy judge could force creditors to take roughly ten cents on the dollar for any debts.
At one point Detroit was the 4th largest city in the United States. According to the U.S. Census Bureau, Detroit is only one of two cities in the top 50 for population in the U.S. that is decreasing in population size and has the largest decrease. (The other city showing population decline is Cleveland, Ohio.)
