Detroit Seeks to Block Syncora From Freezing Casino Cash
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Detroit urged the judge overseeing its $18 billion bankruptcy to prevent bond-insurer Syncora Guarantee Inc. from blocking the city’s access to casino tax revenue.
Without access to the $175 million the tax annually raises, the city will be handicapped as it tries to reorganize and exit bankruptcy, attorney Corinne Ball told U.S. Bankruptcy Judge Steven Rhodes at hearing in Detroit yesterday.