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Detroit has 50/50 bankruptcy chance, emergency manager says

DETROIT, June 10 | Mon Jun 10, 2013 11:16pm EDT DETROIT, June 10 (Reuters) - In his first public meeting, Detroit Emergency Manager Kevyn Orr said On Monday the city has a 50/50 chance of filing for bankruptcy. Speaking to an audience at Wayne State University, Orr delivered a message of fiscal discipline but offered few details of his plan for negotiating with Detroit's creditors, public employees or retirees. Detroit is believed to owe about $ 17 billion in debt and other liabilities. When he released his first official report on Detroit's finances last month, Orr said the city will have enough cash on hand to meet its existing obligations through at least the fourth quarter. Asked about the possibility of a bankruptcy filing, Orr said: "I'll take a dive and say 50/50. "And I will learn more in the coming weeks once we have discussions with stakeholders and creditors." Orr, a bankruptcy lawyer who was appointed as Detroit's emergency financial manager in March, is scheduled to meet with the city's creditors on Friday. Dozens of incensed Detroiters were locked outside of Orr's first public forum in the rain after police said the 285-seat auditorium had reached capacity. Many of them chanted, "Let us in!" and pounded on the glass lobby doors, questioning why the meeting was held in such a small room. At one point, police physically removed protesters and members of the media who were wedged into the lobby. "I was not expecting this breach of democracy," said Lila Cabbil, a community activist. "This continues to be designed to diminish the participation of the everyday citizens who are paying the bills." In remarks that drew heavily from his May 13 report, Orr indicated he intends to impose fiscal discipline and is willing to reject a proposed plan by the mayor and city council if it does not meet his standards for spending control and debt reduction. "There is no foreseeable future, without this process, for the city to go forward by continuing to accumulate debt. We have to break the addiction to debt," Orr said. "If you're borrowing and can't meet your obligations, you're not going to make it up on volume," he added. Link this Share this Digg this Email Reprints Reuters: Bonds News

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DETROIT, June 10 | Mon Jun 10, 2013 11:16pm EDT DETROIT, June 10 (Reuters) - In his first public meeting, Detroit Emergency Manager Kevyn Orr said On Monday the city has a 50/50 chance of filing for bankruptcy. Speaking to an audience at Wayne State University, Orr delivered a message of fiscal discipline but offered few details of his plan for negotiating with Detroit's creditors, public employees or retirees. Detroit is believed to owe about $ 17 billion in debt and other liabilities. When he released his first official report on Detroit's finances last month, Orr said the city will have enough cash on hand to meet its existing obligations through at least the fourth quarter. Asked about the possibility of a bankruptcy filing, Orr said: "I'll take a dive and say 50/50. "And I will learn more in the coming weeks once we have discussions with stakeholders and creditors." Orr, a bankruptcy lawyer who was appointed as Detroit's emergency financial manager in March, is scheduled to meet with the city's creditors on Friday. Dozens of incensed Detroiters were locked outside of Orr's first public forum in the rain after police said the 285-seat auditorium had reached capacity. Many of them chanted, "Let us in!" and pounded on the glass lobby doors, questioning why the meeting was held in such a small room. At one point, police physically removed protesters and members of the media who were wedged into the lobby. "I was not expecting this breach of democracy," said Lila Cabbil, a community activist. "This continues to be designed to diminish the participation of the everyday citizens who are paying the bills." In remarks that drew heavily from his May 13 report, Orr indicated he intends to impose fiscal discipline and is willing to reject a proposed plan by the mayor and city council if it does not meet his standards for spending control and debt reduction. "There is no foreseeable future, without this process, for the city to go forward by continuing to accumulate debt. We have to break the addiction to debt," Orr said. "If you're borrowing and can't meet your obligations, you're not going to make it up on volume," he added. Link this Share this Digg this Email Reprints Reuters: Bonds News

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Marcy Wheeler Explains Antiwar.com’s Suit Against the FBI

On The Scott Horton Show yesterday , Marcy Wheeler discussed the ACLU’s lawsuit – filed on behalf of Antiwar.com – against the FBI for unwarranted surveillance; the FBI memo stating Antiwar.com might be “a threat to national security” and working “on behalf of a foreign power;” Justin Raimondo’s controversial columns after 9/11 about Urban Moving Systems and Israeli “art students” that may have piqued the FBI’s interest; the loss of major donors who worried about being investigated themselves; and evidence that the FBI thinks anti-Zionism is criminal behavior. I have to thank Marcy for her analysis of the FBI documents when they came out, she is able to explain complex government files in a way that regular folk (like me) can understand. Without Marcy, I am not sure there would be a lawsuit. Listen to the interview at The Scott Horton Show. Antiwar.com Blog

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On The Scott Horton Show yesterday , Marcy Wheeler discussed the ACLU’s lawsuit – filed on behalf of Antiwar.com – against the FBI for unwarranted surveillance; the FBI memo stating Antiwar.com might be “a threat to national security” and working “on behalf of a foreign power;” Justin Raimondo’s controversial columns after 9/11 about Urban Moving Systems and Israeli “art students” that may have piqued the FBI’s interest; the loss of major donors who worried about being investigated themselves; and evidence that the FBI thinks anti-Zionism is criminal behavior. I have to thank Marcy for her analysis of the FBI documents when they came out, she is able to explain complex government files in a way that regular folk (like me) can understand. Without Marcy, I am not sure there would be a lawsuit. Listen to the interview at The Scott Horton Show. Antiwar.com Blog

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VIDEO: Why Pakistan's Cheap Fuel Shortcut is a Problem

At least 16 children and one teacher are dead after a school bus in Pakistan caught fire. Thanks for checking us out. Please take a look at the rest of our videos and articles. To stay in the loop, bookmark our homepage .

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At least 16 children and one teacher are dead after a school bus in Pakistan caught fire. Thanks for checking us out. Please take a look at the rest of our videos and articles. To stay in the loop, bookmark our homepage .

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51 killed in massive Oklahoma tornado

MOORE, Okla. (AP) — A monstrous tornado at least a half-mile wide roared through the Oklahoma City suburbs Monday, flattening entire neighborhoods and destroying an elementary school with a direct blow as children and teachers huddled against winds up to 200 mph. At least 51 people were killed, and officials said the death toll was expected to rise. The storm laid waste to scores of buildings in Moore, a community of 41,000 people south of the city. Block after block lay in ruins. Homes were crushed into piles of broken wood. Cars and trucks were left crumpled on the roadside. The National Weather Service issued an initial finding that the tornado was an EF-4 on the enhanced Fujita scale, the second most-powerful type of twister. More than 120 people were being treated at hospitals, including about 70 children. Rescuers launched a desperate rescue effort at the school, pulling children from heaps of debris and carrying them to a triage center. Oklahoma Gov. Mary Fallin deployed 80 National Guard members to assist with search-and-rescue operations and activated extra highway patrol officers. Fallin also spoke with President Barack Obama, who offered the nation’s help and gave Fallin a direct line to his office. Many land lines to stricken areas were down and cellphone traffic was congested. The storm was so massive that it will take time to establish communications between rescuers and state officials, the governor said. In video of the storm, the dark funnel cloud could be seen marching slowly across the green landscape. As it churned through the community, the twister scattered shards of wood, pieces of insulation, awnings, shingles and glass all over the streets. Volunteers and first responders raced to search the debris for survivors. At Plaza Towers Elementary School, the storm tore off the roof, knocked down walls and turned the playground into a mass of twisted plastic and metal. Children from the school were among the dead, but several students were pulled alive from the rubble. Rescue workers passed the survivors down a human chain to the triage center in the parking lot. James Rushing, who lives across the street from the school, heard reports of the approaching tornado and ran to the school, where his 5-year-old foster son, Aiden, attends classes. Rushing believed he would be safer there. “About two minutes after I got there, the school started coming apart,” he said. The students were placed in the restroom. Douglas Sherman drove two blocks from his home to help rescue survivors. “Just having those kids trapped in that school, that really turns the table on a lot of things,” he said. Tiffany Thronesberry said she got an alarming call from her mother, Barbara Jarrell, after the tornado. “I got a phone call from her screaming, ‘Help! Help! I can’t breathe. My house is on top of me!’” Thronesberry said. Thronesberry hurried to her mother’s house, where first responders had already pulled her out. Her mother was hospitalized for treatment for cuts and bruises. Search and rescue efforts were to continue throughout the night. Oklahoma City Police Capt. Dexter Nelson said downed power lines and open gas lines posed a risk in the aftermath of the system. Monday’s powerful tornado loosely followed the path of a killer twister that slammed the region in May 1999. The weather service estimated that the storm that Monday’s tornado was at least a half-mile wide. The 1999 storm had winds clocked at 300 mph. Kelsey Angle, a weather service meteorologist in Kansas City, Mo., said it’s unusual for two such powerful tornadoes to track roughly the same path. It was the fourth tornado to hit Moore since 1998. A twister also struck in 2003. Monday’s devastation in Oklahoma came almost exactly two years after an enormous twister ripped through the city of Joplin, Mo., killing 158 people and injuring hundreds more. That May 22, 2011, tornado was the deadliest in the United States since modern tornado record keeping began in 1950, according to the National Oceanic and Atmospheric Administration. Before Joplin, the deadliest modern tornado was June 1953 in Flint, Mich., when 116 people died. Salon.com

red4333q's insight:

MOORE, Okla. (AP) — A monstrous tornado at least a half-mile wide roared through the Oklahoma City suburbs Monday, flattening entire neighborhoods and destroying an elementary school with a direct blow as children and teachers huddled against winds up to 200 mph. At least 51 people were killed, and officials said the death toll was expected to rise. The storm laid waste to scores of buildings in Moore, a community of 41,000 people south of the city. Block after block lay in ruins. Homes were crushed into piles of broken wood. Cars and trucks were left crumpled on the roadside. The National Weather Service issued an initial finding that the tornado was an EF-4 on the enhanced Fujita scale, the second most-powerful type of twister. More than 120 people were being treated at hospitals, including about 70 children. Rescuers launched a desperate rescue effort at the school, pulling children from heaps of debris and carrying them to a triage center. Oklahoma Gov. Mary Fallin deployed 80 National Guard members to assist with search-and-rescue operations and activated extra highway patrol officers. Fallin also spoke with President Barack Obama, who offered the nation’s help and gave Fallin a direct line to his office. Many land lines to stricken areas were down and cellphone traffic was congested. The storm was so massive that it will take time to establish communications between rescuers and state officials, the governor said. In video of the storm, the dark funnel cloud could be seen marching slowly across the green landscape. As it churned through the community, the twister scattered shards of wood, pieces of insulation, awnings, shingles and glass all over the streets. Volunteers and first responders raced to search the debris for survivors. At Plaza Towers Elementary School, the storm tore off the roof, knocked down walls and turned the playground into a mass of twisted plastic and metal. Children from the school were among the dead, but several students were pulled alive from the rubble. Rescue workers passed the survivors down a human chain to the triage center in the parking lot. James Rushing, who lives across the street from the school, heard reports of the approaching tornado and ran to the school, where his 5-year-old foster son, Aiden, attends classes. Rushing believed he would be safer there. “About two minutes after I got there, the school started coming apart,” he said. The students were placed in the restroom. Douglas Sherman drove two blocks from his home to help rescue survivors. “Just having those kids trapped in that school, that really turns the table on a lot of things,” he said. Tiffany Thronesberry said she got an alarming call from her mother, Barbara Jarrell, after the tornado. “I got a phone call from her screaming, ‘Help! Help! I can’t breathe. My house is on top of me!’” Thronesberry said. Thronesberry hurried to her mother’s house, where first responders had already pulled her out. Her mother was hospitalized for treatment for cuts and bruises. Search and rescue efforts were to continue throughout the night. Oklahoma City Police Capt. Dexter Nelson said downed power lines and open gas lines posed a risk in the aftermath of the system. Monday’s powerful tornado loosely followed the path of a killer twister that slammed the region in May 1999. The weather service estimated that the storm that Monday’s tornado was at least a half-mile wide. The 1999 storm had winds clocked at 300 mph. Kelsey Angle, a weather service meteorologist in Kansas City, Mo., said it’s unusual for two such powerful tornadoes to track roughly the same path. It was the fourth tornado to hit Moore since 1998. A twister also struck in 2003. Monday’s devastation in Oklahoma came almost exactly two years after an enormous twister ripped through the city of Joplin, Mo., killing 158 people and injuring hundreds more. That May 22, 2011, tornado was the deadliest in the United States since modern tornado record keeping began in 1950, according to the National Oceanic and Atmospheric Administration. Before Joplin, the deadliest modern tornado was June 1953 in Flint, Mich., when 116 people died. Salon.com

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