|Emergency manager: Casino money key to Detroit||| Print ||
|Written by Associated Press|
|Wednesday, 04 September 2013 05:19|
DETROIT (AP) — Detroit's state-appointed emergency manager testified that access to casino tax revenues is key to the city staying afloat financially.
Transcripts of Kevyn Orr's Friday deposition were released Tuesday.
An attorney for Syncora Guarantee questioned Orr. The debt insurer had questions about a deal that would let Detroit settle millions of dollars in pension debt with two banks for as little as 75 cents on the dollar.
A judge earlier ruled casino tax revenue can't be withheld from Detroit while the city is seeking Chapter 9 bankruptcy.
Meanwhile, during the deposition, Orr said he has "no plans to use art to relieve the liquidity crisis that the city is in now." Detroit's financial situation has raised concerns about whether the Detroit Institute of Arts' collection might be at risk of sale.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.