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>> NEW YORK CITY Latest News

JUL 20, 2013 - Zero Hedge

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Ponzi-Scheme Expert To Oversee Detroit Bankruptcy

For those who missed it, in the Kevyn Odd statement listing the primary reason for the bankruptcy of Detroit, this was the punchline: "Absent restructuring, the City is projecting cash flows of negative $198.5 million in the current 2014 fiscal year and negative $260.4 million in fiscal year 2015. This cash depletion would leave the City in a net cash position (after required property tax distributions) of negative $11.6 million as early as December 2013.  The City also has experienced negative cash flow for years, and that trend is expected to continue and accelerate if not ... Read More

Tags: Ponzi-Scheme Expert To Oversee Detroit Bankruptcy,  New York City Latest News