The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (click here) provided for the first time that the Circuit Courts of Appeals have jurisdiction to hear an appeal directly from a judgment or order of the bankruptcy court if certain conditions are satisfied.
- First, the bankruptcy court, district court, or bankruptcy appellate panel where the matter is pending, on request of a party or on its own motion, or all the appellants and appellees acting jointly, must certify that the judgment or order...
- (a) involves a question of law as to which there is no controlling decision of the court of appeals for that circuit or the Supreme Court, or involves a matter of public importance;
- (b) involves a question of law requiring resolution of conflicting decisions; or that
- (c) an immediate appeal from the judgment or order may materially advance the progress of the case or proceeding in which the appeal is taken. In addition, the court of appeals must authorize the direct appeal after the certification is made.
If the bankruptcy court, district court, or bankruptcy appellate panel, on its own motion or on a request for certification made within 60 days after entry of the judgment or order, determines that the above circumstances exist to warrant such certification, or within the 60-day period receives a request for certification made by a majority of the appellants and a majority of appellees, then the certification must be made by the bankruptcy court, district court, or bankruptcy appellate panel.
There isn't suppose to be a garage sale including Public Employee Pensions. Those monies were promised to the retirees. There is currently a federal precedent regarding Pensions mandating huge amounts to be held in deposit. The US Post Office (which is a private institution provided for by the US Constitution - basically quasi-government) has to bank role 75 years of pension. I am wondering if that legislative precedent comes to bear on Detroit as well.
Purpose of Municipal Bankruptcy (click here)
The purpose of chapter 9 is to provide a financially-distressed municipality protection from its creditors while it develops and negotiates a plan for adjusting its debts. Reorganization of the debts of a municipality is typically accomplished either by extending debt maturities, reducing the amount of principal or interest, or refinancing the debt by obtaining a new loan....
- First, the bankruptcy court, district court, or bankruptcy appellate panel where the matter is pending, on request of a party or on its own motion, or all the appellants and appellees acting jointly, must certify that the judgment or order...
- (a) involves a question of law as to which there is no controlling decision of the court of appeals for that circuit or the Supreme Court, or involves a matter of public importance;
- (b) involves a question of law requiring resolution of conflicting decisions; or that
- (c) an immediate appeal from the judgment or order may materially advance the progress of the case or proceeding in which the appeal is taken. In addition, the court of appeals must authorize the direct appeal after the certification is made.
If the bankruptcy court, district court, or bankruptcy appellate panel, on its own motion or on a request for certification made within 60 days after entry of the judgment or order, determines that the above circumstances exist to warrant such certification, or within the 60-day period receives a request for certification made by a majority of the appellants and a majority of appellees, then the certification must be made by the bankruptcy court, district court, or bankruptcy appellate panel.
There isn't suppose to be a garage sale including Public Employee Pensions. Those monies were promised to the retirees. There is currently a federal precedent regarding Pensions mandating huge amounts to be held in deposit. The US Post Office (which is a private institution provided for by the US Constitution - basically quasi-government) has to bank role 75 years of pension. I am wondering if that legislative precedent comes to bear on Detroit as well.
Purpose of Municipal Bankruptcy (click here)
The purpose of chapter 9 is to provide a financially-distressed municipality protection from its creditors while it develops and negotiates a plan for adjusting its debts. Reorganization of the debts of a municipality is typically accomplished either by extending debt maturities, reducing the amount of principal or interest, or refinancing the debt by obtaining a new loan....
