Detroit will ’emerge from bankruptcy’ with a ‘clean balance sheet’ and ‘market access,’ our work force ‘disciplined,’ our government subject to a state ‘overseer’ and living in this best of all possible worlds.
“It was miraculous. It was almost no trick at all … to turn vice into virtue and slander into truth, impotence into abstinence, arrogance into humility, plunder into philanthropy, thievery into honor, blasphemy into wisdom, brutality into patriotism, and sadism into justice. Anybody could do it; it required no brains at all. It merely required no character.” – Joseph Heller, “Catch-22”
“Restructuring is the world of second chances. It’s magic.” _ Kenneth A Buckfire (one of Jones Day’s leading consultants)
“People have to know that if they’re going to mess with us, they’re gonna pay.” – Jones Day senior restructuring partner David G. Heiman (i.e., Orr’s boss)
“This how to translate a banking crisis into a social state crisis, and then into an urban and a social crisis and a crisis of Detroit. It’s what author Mark Blythe calls “the greatest bait-and-switch in human history.” This forces the costs of restructuring on the weakest in society, down to the lowest level and the weakest people. Little did we suspect the cause of the crisis was pensions of public school teachers in Michigan.” – Jamie Peck, “Framing Detroit”
“We have city fathers and mothers — Roger Penske, Dan Gilbert — committed to the city for years. The foundation community, a billion dollars over the past ten years to the city of Detroit coming in, and professionals, some of who I talked with this morning, about what it means to be involved. Downtown, the central core, nine square miles, we’re 97 percent leased. You can’t get an apartment in downtown Detroit now if you wanted to. We actually have had investors come in who trip over each other. We had a group of investors from China come in and they bought three buildings because the value proposition and the relatively low acquisition costs smells a whole lot like, dare I say it, Miami, Washington DC, Baltimore, Pittsburgh, and other cities that have gone through a renaissance.” – Kevyn Orr, American Bankruptcy Institute
“Downtown doesn’t trickle down.” – Thomas Sugrue, “Beyond Bankruptcy” conference at Wayne State University Law School