Syncora Holdings Ltd (fka SYCRF)

[Lonestarheeb]

Back for another comment:

Details of the modified settlement:

http://money.msn.com/business-news/article.aspx?feed=OBR&date=20140725&id=17807966

The following is twitter commentary on the article:

Kristi Culpepper @munilass · 17m
The lunacy of Detroit's bankruptcy proceedings has absolutely no limit.

Kristi Culpepper @munilass · 18m
So they sue the pensions to get their money back, which just blows another hole in the city's finances. Sounds like a genius plan to me.

Kristi Culpepper @munilass · 18m
But whether or not it is fraudulent isn't investors' problem. It's the folks who organized the transaction.

Kristi Culpepper @munilass · 19m
What will holders of the COPs do? They'll sue the pension for ill-gotten gains. I mean the argument here is that the deal is fraudulent.

Kristi Culpepper @munilass · 19m
Let's say (hypothetically) that the city wins COP lawsuit (with LTGO bondholders' support).

Kristi Culpepper @munilass · 20m
Here's what I don't understand about that settlement, from LTGO bondholders' perspective. Do they think pensions will get to keep proceeds?

Kristi Culpepper @munilass · 23m
I guess that is why they've kept the deal such a secret: the city is pitting one class of bondholders against another. Special.

Kristi Culpepper @munilass · 23m
Rather peculiar terms in Detroit's LTGO settlement. Bondholders recoup additional funds if city successfully repudiates COPs?