you know you are in trouble...

[notes1]

when a city has to call in Kevyn Orr, you know you are in trouble. the same guy who was responsible for trying to get Detroit out of all their debt problems, now has the wonderful job of trying to fix AC.   look out government unions, they will feel some pain.

[alpax]

I tried to read the Wikipedia entry in regards to the person, yet I do not know what to think of this move.

[notes1]

Orr was brought in to manage detroit as it went thru the bancruptcy process. my guess is that AC is in such a financial trouble that they might be headed in the same direction. appartently AC gets about 75% of it's revenue from the casinos and nearly every casino has won a tax reduction and in some cases a tax rebate or credit from over assesed taxes. he is in an ineviable postion to negotiate who/what looses in the event of a bankruptcy. creditors, vendors, unions, everybody will lose something. for someone like myself, who enjoyed AC, before it went downhill, we may finally find out what happened to all the money.   

[DaBurglar]

Orr was brought in to manage detroit as it went thru the bancruptcy process. my guess is that AC is in such a financial trouble that they might be headed in the same direction. appartently AC gets about 75% of it's revenue from the casinos and nearly every casino has won a tax reduction and in some cases a tax rebate or credit from over assesed taxes. he is in an ineviable postion to negotiate who/what looses in the event of a bankruptcy. creditors, vendors, unions, everybody will lose something. for someone like myself, who enjoyed AC, before it went downhill, we may finally find out what happened to all the money.   excellent post notes....The city is doomed, and will most likely end up in receivership with the New Jersey State government becoming responsible for the running and administering of the city.The loss of all these casinos really crashed the already tenuous budget......it cannot function under the current situation.You know, it is so bad with AC's city government finances that I could see even the FEDERAL government having to get involved........I do not know how that would play out, but IF the New Jersey state government cannot straighten out the finances, it could wind up in FEDERAL hands, unless they just want to BLOT out the whole destination and pretend it never existed!

[Tedlark]

  And just what involvement would the federal government have here DaBurglar? They would not get involved in matters such as this because they would leave it up to the state to straighten it out. Kinda like the same reason the responsibility to call out the Misouri National Guard to Ferguson was on the governor and no one else.

[DaBurglar]

  And just what involvement would the federal government have here DaBurglar? They would not get involved in matters such as this because they would leave it up to the state to straighten it out. Kinda like the same reason the responsibility to call out the Misouri National Guard to Ferguson was on the governor and no one else.Oh GOD!!I clearly said "IF....IF  the state could not fix the situation, then the feds might have to get involved".......Do you see that TED?!?!?!?!?!  jeeezusIf the city could not (or will not) be fixed by the State government, then the only other method of salvation is the Federal government.......either that or the city slips into total chaos and breakdown (which cannot be allowed to happen) so point of fact is SOMEONE must and will step in to at least prevent AC from total collapse.You really did not care about an answer to your question, you are just flaling wildly since I totally destroyed you in the football thread.

[notes1]

IF,IF, IF,.... the city of AC were to end up in bankruptcy court, i would think it unlikely the FEDS would come to their assistance. the main reason would be because there are soooo many state/local governments that have long term financial obligations that they cannot meet, the feds cannot rescue them all.   while AC may be extreme, they are not unique. politicians want to get elected, they buy votes by promising stuff without regards to how those promises will be paid. AC will have the typical negotiating, no one will want to give in, there will be accusations of promises not kept and in the end, everyone will lose something. the big losers will likely be the bond holders. but, public employees, who think they have iron clad retirement/healthcare guarantees better look out. taxpayers are only going to keep paying so much to meet these promises, when at some point, they are going to make the retirees give up something. that is what happened in Detroit.  there are many of us, who have wondered what happened to all the money. just maybe, we will find out.    

[JIMDUECE`SWILD]

What happened to the money??? For the past 30 plus years everybody in the state had their hand out . They wanted a piece of this casino tax money and the money that came fom the CRDA ( Casino Reinvestment Developement Assoc.). They took that money and were funding projects all over the state. They did fund some projects in AC. But the town still looks like a dump.  

[chattycattty]

It went into entitlements of course. And into increasing the size of bureaucracy. Never to be see again.

[Tedlark]

DaBurglar did the federal government step in when Detroit was going through their bankruptcy? Remember that Detroit was the center of the U.S. automobile world so using your logic-they should have steppedin, right?