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According to a Detroit area bankruptcy attorney, legal costs for the bankruptcy proceedings could cost Detroit "tens of millions to hundreds of millions of dollars." [34] Orr hopes that Detroit can emerge from bankruptcy by late Summer or Fall in 2014; he says that the process is moving as "expeditiously as possible". [35]
Kevyn Duane Orr [1] (born May 11, 1958) is an American lawyer who served as the emergency financial manager of the city of Detroit from 2013 to 2014 during the city's Chapter 9 bankruptcy. [ 2 ] [ 3 ] Orr is now a partner at the law firm Jones Day in its bankruptcy practice.
Congress enacted Section 1113 favoring voluntary solutions in response to NLRB v.Bildisco & Bildisco 465 U.S. 513 (1984) where the Supreme Court concluded that a debtor could reject a collective bargaining agreement without engaging in collective bargaining and that such unilateral alterations by a debtor would not violate the National Labor Relations Act (NLRA) 29 U.S.C. § 158.
By KATE ROGERS Detroit made history Thursday as the largest American city in history to ever file for Chapter 9 bankruptcy protection. The once vibrant city rooted in auto manufacturing and music ...
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
Attorney's fees (or attorneys' fees, depending upon number of attorneys involved, or simplified to attorney fees) are the fees, including labor charges and costs, charged by lawyers or their firms for legal services provided by them to their clients. They do not include incidental and non-legal costs (e.g., expedited shipping costs for legal ...
For many years, the United States Attorney's Office used the Laffey Matrix ("USAO Laffey Matrix") as a basis for hourly rates for attorneys' fees in litigation claims. This matrix used the original Laffey Matrix from 1982 and adjusted it annually using changes in the Bureau of Labor Statistics Consumer Price Index for all Urban Consumers for the Washington-Baltimore area.
DETROIT (AP) - A judge was expected to announce Tuesday whether Detroit can come up with a plan to get rid of $18 billion in debt in the largest public bankruptcy in U.S. history, a case that ...