NEWS OF THE WEIRD

Detroit Can't Afford Bankruptcy

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It's expensive to go broke in America. Detroit, which most acknowledge acted wisely in filing for bankruptcy protection in July (in the face of debts estimated to be at least $18 billion), will nonetheless be on the hook for bankruptcy legal fees that could total $60 million under current contracts (according to an October New York Times report), plus various expenses, such as the $250,000 to Christie's auction house to price and sell some assets. A fee examiner has been hired to keep the expenses in line, but he charges $600 an hour.

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