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In 1986 a state court appointed a receiver, Louis Schimmel, for the city of Ecorse which had a $6 million deficit. The court appointed receivership lasted until 1990. [1]The financial emergency status, along with the Emergency Financial Manager (EFM) position, was first created in Public Act 101 of 1988 for the specific emergency in Hamtramck.
(The Center Square) – Emergency Medical Service providers in Michigan’s eastern Upper Peninsula now have no way of directly recouping nearly $6 million in unpaid claims after Wellpath Holdings ...
Details from the Detroit bankruptcy filing. The city of Detroit, Michigan, filed for Chapter 9 bankruptcy on July 18, 2013. It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion, exceeding Jefferson County, Alabama's $4-billion filing in 2011. [1]
The list includes banks (including commercial banks, investment banks, and savings and loan associations) that have: been taken over or merged with another financial institution, been declared insolvent or liquidated, or; filed for bankruptcy. The Federal Deposit Insurance Corporation (FDIC) closed 465 failed banks from 2008 to 2012. [1]
There is an $85 million shortfall between what partner banks of fintech middleman Synapse are holding and what depositors are owed, according to the court-appointed trustee in the Synapse bankruptcy.
3. Plan your withdrawal strategy. Most retirement strategies plan for saving, not spending. So it’s not always easy to remember that there will come a time you have to spend the money you’ve ...
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