Thursday, October 16, 2014

Joe Louis flattened

Punched out in bankruptcy court in Detroit;
The city of Detroit, with financial help from the state, plans to demolish the home of the Detroit Red Wings and give the land to a creditor for development as part of a major settlement in the city's bankruptcy case, lawyers said Thursday.
....A bond insurer with a $1 billion claim, Financial Guaranty Insurance, was one of the last critics still standing after months of settlements between Detroit and other creditors. But the land deal now puts FGIC, as it is known, on the sidelines and moves the trial closer to completion.
The to-be-demolished Joe Louis Arena sits next to Cobo Center in downtown Detroit, and is believed to be developed into a hotel/residential/retail complex.  The Red Wings have already made plans to skate away to a new location in 2017.

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