Joel R. Glucksman
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201-896-7095 jglucksman@sh-law.comFirm Insights
Judge Rhodes taps experts to help in Detroit bankruptcy
Author: Joel R. Glucksman
Date: May 6, 2014
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As Detroit is hoping to approach the end of its sojourn in bankruptcy under Chapter 9 of the bankruptcy law, the judge overseeing the city’s filing has asked experts to advise him on the feasibility of its plan. Judge Steven Rhodes tapped Marti Kopacz of Phoenix Management Services as the court’s expert witness, and former New York Lt. Gov. Richard Ravitch as a consultant, according to the Associated Press. Kopacz will analyze Detroit’s proposed plan of adjustment and testify in court as to whether Detroit’s plan and forecast for future revenues and expenses are reasonable. Ravitch will not be testifying, but has agreed to consult on the case pro bono.
Ravitch advised New York City during its fiscal crisis in the 1970s, and will primarily be providing his expert knowledge on municipal finance matters, Reuters explained. Kopacz beat out four other applicants for the position of expert witness, including Ravitch.
Kopacz has more than 30 years of experience in consulting and restructuring, and served as an adviser to the Nassau County Interim Finance Authority, which is a New York State oversight board that was created to help deal with the county’s financial difficulties, according to the news source. She will have a June 24 deadline to submit her report to Judge Rhodes. On Monday, Rhodes moved the date for the confirmation hearing back to July 24 from a previously scheduled date of July 16.
Recently, the city of Detroit managed to reach a settlement with several of its major creditor groups, the news source explained. On Monday, chief mediator in the case Judge Gerald Rosen ordered mediation sessions between certain bondholders, bond insurance companies and Detroit, regarding the city’s limited tax general obligation bonds and water and sewer department matters.
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