×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: bankruptcy | estate | Detroit | casino

Federal Judge Affirms Detroit's Access to Casino Revenue

Friday, 11 July 2014 10:44 AM

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.

© 2022 Thomson/Reuters. All rights reserved.


Economy
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.
bankruptcy, estate, Detroit, casino
85
2014-44-11
Friday, 11 July 2014 10:44 AM
Newsmax Media, Inc.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved