A U.S. District Court judge on Friday ruled that bond insurer Syncora Guarantee Inc. cannot block bankrupt Detroit's access to casino tax revenue.
Syncora, which insures some of the city's bonds and interest-rate swaps, appealed an Aug. 28, 2013, ruling by U.S. Bankruptcy Judge Steven Rhodes that gave Detroit access to about $11 million in monthly tax revenue that the insurance company had tried to block.
Judge Bernard Friedman said that Rhodes had correctly decided that the disputed money was part of the bankruptcy estate.
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