Media Advisory: All Out April 1 In Opposition to Bankruptcy Restructuring Plan

For Immediate Release

Media Advisory

Event: Demonstration Against the Bankers’ Plan of Adjustment
Date: Tues. April 1, 2014, 10:00 a.m.
Location: Federal Courthouse at 231 W. Lafayette, Downtown
Initiators: Moratorium NOW! Coalition, STOPC
Contact: 313-680-5508 or 671-3715

Orr and Snyder’s Plan of Adjustment Is a Death Sentence for Retirees and Workers of Detroit; Join the Demonstrations Outside the Federal Courthouse April 1; File a Legal Objection to the Plan of Adjustment by April 1; Attend Our Monday Night Weekly Planning Meeting to Fight Back Against the Bankers Behind This Plan!

We are calling on all City of Detroit retirees, current City employees, residents and all other concerned people to build and participate in a mass demonstration outside the Federal Courthouse in Detroit on Tues. April 1 beginning at 10:00 a.m.  The state-imposed emergency manager Kevyn Orr has a “Plan of Adjustment” that will loot the pension funds, lay-off City workers and liquidate public assets to pay off the bankers.

Within this corporate-engineered plan 90 percent of the bank debt said to be falsely owed by the City of Detroit will be paid. Only a small portion of lenders will have their claims reduced by the plan.

Meanwhile Orr and Snyder are still scheming to pay $85 million to Bank of America and UBS despite Judge Rhodes’ contention that legal action against these financial institutions is warranted. We oppose paying any more money to Bank of America and UBS for this fraudulent interest-rate swap deal which has already cost tax payers $300 million.

We have no other choice but to fight or starve. 23,000 pensioners and their families have had their health insurance cancelled and are facing at least a 34 percent cut in their monthly checks. These measures will inevitably result in mass deaths of retirees who have spent decades serving the City of Detroit.

According to Orr’s plan, the City of Detroit will make no contributions to the pension funds for a decade. The much championed contributions from charitable foundations are not guaranteed. Meanwhile the City of Detroit is slated to undergo massive dislocation and privatization of public services.

The Detroit Water and Sewage Department (DWSD) will face massive lay-offs in light of yet another bogus interest-rate swap deal that has saddled the revenue-generating entity $500 million in debt obligations that should be eliminated by the courts. Billions of dollars in federal settlement monies from the banks and tobacco industry remain in Lansing slated to be utilized for further privatization and the bulldozing of even more areas within the city.

Only a mass movement will stop this state-sponsored terrorist conspiracy. Civil and workers rights were affirmed by the courts only after the mass struggles forced them to do so. Lawyers in the courts need the support of the thousands of people in the streets.

Please join the Moratorium NOW! Coalition and Stop the Theft of Our Pensions Committee (STOPC) weekly meetings every Monday at 7:00 p.m. located at 5920 Second Ave. at Antoinette in Midtown. If your organization wants to join this effort as a co-sponsor or endorser please contact us at the numbers and addresses above.

At our March 17 meeting we will explain how people can file legal objections to this plan. We have forms available and attorneys that can assist everyone with the process.

On March 10 at our weekly meeting we will further plan our outreach strategy which began at the mass Emergency Town Hall Meeting on March 2 at Central United Methodist Church. We must organize block by block and neighborhood by neighborhood to stop these criminal actions by the banks and their agents in government.

Be the first to comment

Leave a Reply

Your email address will not be published.