Detroit bankruptcy attorneys seek Kilpatrick pension deal records

PART OF YOUR REGULAR COMMUTE OR A FOURTH OF JULY TRIP. WELL KEEP YOU ADVISED. Ruth: KWAME KILPATRICK MAY BE IN A FEDERAL PRISON BUT HIS WORK AS MAYOR IS BECOMING A HOT TOPIC IN THE CITYS BANKRUPTCY. CITY ATTORNEYS TRYING TO PUSH BACK ON BOND INSURERS TRYING TO FIND OUT ABOUT KILPATRICKS ROLE IN THE DISASTROUS BOND DEAL. BUSINESS EDITOR ROD MELONI IS LIVE DOWNTOWN WITH AN INTERESTING PERSPECTIVE ON HOW KILPATRICK ACTUALLY LOOKED AT BOND DEALS, ROD. Rod: HE AND I KIND OF SPARRED ON THE ISSUE OF BORROWING OVER THE YEARS, AND WELL HEAR ABOUT THAT IN A SECOND. ONE OF THE THINGS WE NEED TO KNOW IS THAT KWAME KILPATRICK NEVER SAW A BOND DEAL HE DIDNT LIKE. HE LIKED TO BORROW MONEY, LOTS OF MONEY, BILLIONS OF DOLLARS OF MONEY, AND THATS WHAT HELP PUT DETROIT IN THE BANKRUPTCY ITS IN TODAY. SO NOW THE CITYS BANKRUPTCY ATTORNEYS ARE TRYING TO GO BACK OVER ALL OF THAT, ALL OF THE PEOPLE HE DEALT WITH IN GETTING THE BOND DEALS TOGETHER, AND FIGURE OUT WHETHER THEY WERE LEGAL OR ILLEGAL AND WHETHER THAT WILL IMPACT THE BANKRUPTCY IN A BIG WAY. IN 2008, LOCAL 4 DID STORIES CRITICAL OF KWAME KILPATRICKS APPETITE FOR DEFICIT SPENDING AND BORROWING. THIS IS A VERY, VERY BIG THING! Rod: HE CALLED CITY COUNCIL TO APPROVE BONDS AND USING CASINO REVENUES TO ALLOW FOR CONVENIENT VACATION OF THE PARADISE VALLEY NEIGHBORHOOD AS PART OF A $300 MILLION STIMULUS PACKAGE. HE CALLED OUT YOUR LOCAL 4 BUSINESS EDITOR AT A PRESS CONFERENCE. IF BOND HOLDERS LIKE IT, I DONT KNOW IF ROD MELONI IS THE PERSON TO SHOOT IT DOWN. Rod: HIS SWAGGER CAME FROM THIS. HE RECEIVED AN AWARD FOR MAKING A BOND DEAL, TAKING OUT A MASSIVE LOAN TO BAIL OUT THE PENSIONS. THE DEAL QUALIFIED FOR THE BOND BUYER MAGAZINES DEAL OF THE YEAR. ITS THIS AWARD THAT HAS THE BANKRUPTCY ATTORNEYS LOOKING FOR PAPERWORK AND ANSWERS. THEY FILED THESE SUBPOENAS WITH THE BANKRUPTCY COURT LOOKING FOR INFORMATION ABOUT THE CERTIFICATES OF PARTICIPATION OR PENSION OBLIGATION CERTIFICATES THAT THEY BELIEVE ARE ILLEGAL, THATS THE BOND DEAL. THE SUBPOENAS ASK FOR DOCUMENTS RECEIVED FROM OR SENT TO ANYONE WITH RESPECT TO THE TRANSACTION, INCLUDING DOCUMENTS INCLUDING THE NOMINATION OF THE COPS TRANSACTION FOR CONSIDERATION AS… Rod: THE SUBPOENAS WENT OUT TO A LOT OF DIFFERENT PEOPLE, TO A BANK, ALSO WENT TO SEAN WORDLOW. THE MAYORS POINT GUY ON THIS DEAL. AND IF THIS IS DEEMED ILLEGAL, THE CITY COULD GET TO KEEP THE MONEY AND COULD MEAN THE BOND INSURERS COULD END UP OUT OF BUSINESS. WELL KEEP FOLLOWING THIS ONE,

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