Thursday, July 11

Brilliant! "Bankruptcy expert" appointed as Detroit Emergency Manager pays his "former law firm" $1000 per hour to figure out bankruptcy issues . . .

centernewsnetwork.com:

So Detroit, or more likely, the State of Michigan, is paying a "bankruptcy expert" to manage Detroit's financial mess and the bankruptcy expert Emergency Manager hires his former law firm at $1000 per hour to do the work the Emergency Manager was hired to do. This should go over well with the natives. From CBS Detroit:
 
Emergency Manager Kevyn Orr approved the fees totaling about $1.4 million, but what makes this even more controversial is that the law firm getting the money is Jones Day – that’s Orr’s former law firm. Oh, you want some more controversy? That $1.4 million is just for six weeks of work,” Langton said.
 
The report says the costs were associated with sophisticated restructuring advice, labor and pension analysis, and Chapter 9 planning. Orr has defended the expense, saying top lawyers are needed because of what’s at stake . . .
 
Orr is a bankruptcy expert hired in March by the state to fix Detroit’s finances . . .

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