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Transcripts For FBC MONEY With Melissa Francis 20130720

Jumping in with detroits biggest creditor, the interim general counsel for the general retirement system for detroit, and i just spoke to him a few minutes ago. What is the best outcome for your grup, do you think . Caller well, best outcome in bankruptcy would be that benefits that accrued for existing retirees and current employees are not diminished or impaired in any manner. Melissa that doesnt seem like whats going to happen, though. Caller it is certainly what we are hopeful for. There has not been a great analysis done from our perspective yet as to the asse of the city as well as projections with the restrturing piecs pt in place, what the cash flow will be going forward. We are certainly challenging the authority of the bankrtcy court in light of the constitutional protections fr retirement benefits. Melissaa theres two pieces tre. The judge orered the pension fund, the case, shouldnot go forward in that, n that the governor has to withdrawal from Bankruptcy Court. Do you thin

Transcripts For FBC MONEY With Melissa Francis 20130719

Jumping in with detroits biggest creditor, the interim general counsel for the general retirement system for detroit, and i just spoke to him a few minutes ago. What is the best outcome for your group, do you think . Caller well, best outcome in bankruptcy would be that benefits that accrued for existing retirees and current employees are not diminished or impaired in any manner. Melissa that doesnt seem like whats going to happen, though. Caller it is certainly what we are hopeful for. There has not been a great analysis done from our perspective yet as to the assets of the city as well as projections with the restructuring pieces put in place, what the cash flow will be going forward. We are certainly challenging the authority of the Bankruptcy Court in light of the constitutional protections for Retirement Benefits. Melissaa theres two pieces there. The judge ordered the pension fund, the case, should not o forwdin that, n that venorhas to ithdwal from nkrucy crt. Youhinkhatgointo s

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