Detroit Resurrected: To Bankruptcy and Back

Detroit Resurrected: To Bankruptcy and Back

by Nathan Bomey

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Overview

Detroit Resurrected: To Bankruptcy and Back by Nathan Bomey

What happens when an iconic American city goes broke? At exactly 4:06 p.m. on July 18, 2013, the city of Detroit filed for bankruptcy. It was the largest municipal bankruptcy in American history—the Motor City had finally hit rock bottom. But what led to that fateful day, and how did the city survive the perilous months that followed? In Detroit Resurrected, Nathan Bomey delivers the inside story of the fight to save Detroit against impossible odds. Bomey, who covered the bankruptcy for the Detroit Free Press, provides a gripping account of the tremendous clash between lawyers, judges, bankers, union leaders, politicians, philanthropists, and the people of Detroit themselves.The battle to rescue this iconic city pulled together those who believed in its future—despite their differences. Help came in the form of Republican governor Rick Snyder, a technocrat who famously called himself “one tough nerd”; emergency manager Kevyn Orr, a sharp-shooting lawyer and “yellow-dog Democrat”; and judges Steven Rhodes and Gerald Rosen, the key architects of the grand bargain that would give the city a second chance at life.Detroit had a long way to go. Facing a legacy of broken promises, the city had to seek unprecedented sacrifices from retirees and union leaders, who fought for their pensions and benefits. It had to confront the consequences of years of municipal corruption while warding off Wall Street bond insurers who demanded their money back. And it had to consider liquidating the Detroit Institute of Arts, whose world-class collection became an object of desire for the city’s numerous creditors. In a tight, suspenseful narrative, Detroit Resurrected reveals the tricky path to rescuing the city from $18 billion in debt and giving new hope to its citizens.Based on hundreds of exclusive interviews, insider sources, and thousands of records, Detroit Resurrected gives a sweeping account of financial ruin, backroom intrigue, and political rebirth in the struggle to reinvent one of America’s iconic cities.

Product Details

ISBN-13: 9780393248913
Publisher: Norton, W. W. & Company, Inc.
Publication date: 04/25/2016
Pages: 320
Sales rank: 501,877
Product dimensions: 6.10(w) x 9.50(h) x 1.30(d)

About the Author

Nathan Bomey, a journalist at USA Today, was the lead reporter on Detroit's bankruptcy and General Motors for the Detroit Free Press. He lives in the Washington, D.C., area.

Jonathan Yen was inspired by the Golden Age of Radio, and while the gold was gone by the time he got there, he's carried that inspiration through to commercial work, voice acting, and stage productions. From vintage Howard Fast science fiction to naturalist Paul Rosolie's true adventures in the Amazon, Jonathan loves to tell a good story.

Table of Contents

Prologue: 4:06 p.m. 1

Introduction 1

Chapter 1 The Nerd 1

Chapter 2 Deal of the Year 18

Chapter 3 Kevyn Orr 36

Chapter 4 Project Debtwa 43

Chapter 5 Chapter 9 59

Chapter 6 Sacrosanct? 71

Chapter 7 Swaps Saga 91

Chapter 8 Pills Over Picasso 113

Chapter 9 You Can't Eat Principles 129

Chapter 10 Haircuts 162

Chapter 11 Fixing the City 176

Chapter 12 "Get the Damn Buttons" 193

Chapter 13 The Empty Cabin 203

Chapter 14 One Bullet, Two Creditors 214

Chapter 15 The Rhodes Test 234

Acknowledgments 249

Note about Sources 251

Notes 253

Index 255

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