Lawyers for creditors including Syncora — a bond insurer that’s on the hook for nearly $250 million because it guaranteed a disastrous $1.4-billion debt deal meant to shore up underfunded pensions in 2005 — argued that delays in the city’s release of documents creditors have requested make the schedule impossible to follow.“The city’s actions are crippling our efforts,” Syncora lawyer Stephen Hackney said during a status conference Thursday.
Creditors’ lawyers say that their expert witnesses won’t have enough time to analyze and report on city financial assumptions without the delay.
.....As of last fall, Jones Day’s contract with the city had been approved up to $18 million, among the largest fees charged by lawyers and consulting firms addressing Detroit’s financial collapse.
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