Detroit Bankruptcy

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Detroit Bankruptcy

February 10, 2014 11:11:25 pm

Detroit, Michigan, the historic epicenter of US automotive manufacturing, was once a beacon of industrial prosperity. The “Motor City” was synonymous with automative giants, such as GM, Ford and Chrysler. In recent decades, however, Detroit has seen significant decreases in both population and industry. Largely attributed to the collapse of the automotive industry, Detroit’s decline has left the city replete with delinquent properties and struggling with ever-growing debt. Detroit’s struggles culminated in the city declaring a financial emergency and subsequently filing for Chapter 9 bankruptcy on July 18, 2013, making Detroit the most populous city in United States history to declare bankruptcy.

Detroit’s Chapter 9 filing initially resulted in significant litigation regarding the city’s eligibility for bankruptcy. While Detroit was later found to be eligible, additional litigation continues to arise from disagreement over how to equitably and responsibly approach recovery.

Georgia became first US state to ban lynching

On December 20, 1893, Georgia became the first state in the Union to pass a law against lynching, making the act punishable by four years in prison. The statute was not particularly effective—read the text of the 1899 pamphlet Lynch Law in Georgia by anti-lynching activist Ida Wells-Barnett.

UN Drug Trafficking Convention signed

On December 20, 1988, the United Nations Convention Against Illicit Traffic in Narcotic Drugs and Psychotropic Substances was signed in Vienna, Austria. The treaty provides mechanisms for international coordination in preventing the manufacture and distribution of drugs worldwide. Over 170 countries have signed the treaty to date.