Oakland County Executive L. Brooks Patterson issued the following statement about Detroit’s bankruptcy eligibility ruling: “The declaration of Detroit’s eligibility to file bankruptcy was a foregone conclusion. Anybody who has watched Detroit closely knows it is insolvent. This is just the official imprimatur. “Today’s ruling marks the beginning of a long and arduous process. In the end I feel genuine remorse for all the creditors who will be left holding the bag. Nobody said, however, the … [Read more...]