According to a Detroit area bankruptcy attorney, legal costs for the bankruptcy proceedings could cost Detroit "tens-of- millions to hundreds-of-millions of dollars."[1] Orr hopes that Detroit can emerge from bankruptcy by late summer or fall in 2014; he says that the process is moving as “expeditiously as possible”.[2] The City of Detroit is represented by "high-priced lawyers from Jones Day, financial advisers from Ernst & Young and restructuring consultants from Conway MacKenzie".[3] The Federal Guaranty Insurance Company hired Weil Gotshal & Manges to represent thier interest during the bankruptcy.[3] The Ambac Financial Group hired David Dubrow, a lawyer at Arent Fox, to represent thier interests in during the bankruptcy.[3] Syncora hired Kirkland & Ellis; Assured Guaranty hired Winston & Strawn; and the National Public Finance Guarantee Corporation hired Sidley Austin.[3] The Detroit Institute of Arts is represented by Richard Levin, a partner at Cravath Swaine & Moore.[3] "Other large law firms, such as Brown Rudnick, Orrick Herrington & Sutcliffe, and DLA Piper, are involved in the case or looking for ways" to get involved in the bankruptcy case.[3]
- ^ Cite error: The named reference
reuterswas invoked but never defined (see the help page). - ^ Neavling, Steve (July 18, 2013). "Detroit bankruptcy filing marks new low for Motor City". Chicago Tribune. Reuters. Retrieved July 19, 2013.
- ^ a b c d e f Brown, Nick (July 21, 2013). "In Detroit's ruin, law firms see land of new opportunity". Reuters and Chicago Tribune. Retrieved 26 July 2013.