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View Diary: Detroit Emergency Manager Approves Go-Ahead on New $450 Million Sports Arena (247 comments)

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  •  Dude, read the story, not headlines... (0+ / 0-)

    There is no City Money going to the Arena, therefore the bankruptcy Judge has no say over it. It's state money.

    Some of the cash is being funneled through the School System, but the state has promised to pay the schools back. You can believe however much of that you want. IMO, given that the beneficiary of the arena is well-known Republican Billionaire Mike Illitch, and he's very keen on keeping his reputation as a pro-Detroit guy, it's certain to be re-paid.

    You can argue that the state should be more willing to bail out pension-holders then give Pizza magnates money, but I wouldn't bother. For one thing it would take literally an order of magnitude more state money to bail out the unions then build the arena ($450 million, part paid by Illitich, so $300-350 millionish state money; vs. roughly $3.5 Billion pension obligations). More importantly, you ain't gonna convince BusinessMan Snyder and his buddies in Lansing that they should save union pensions even if you're fucking Jesus, so why try?

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