Rahm Emanuel and Chicago Public Schools may want to re-think their dismissive stance on Chapter 9 as an option in righting their financial ships, two well-known market players said.
From Kevyn Orr, a restructuring specialist and partner at Jones Day who was Detroit’s emergency manager when the city made its historic Chapter 9 filing in July 2013:
“The math does not lie….the trajectory that you are on is not going to change… It’s just math … the willingness of the elected officials and the counterparties both in the financial community and in the public sector side to sit down at a table and make rational and difficult decisions with the support of the state is the wild card.”
Comment: Well, well, well. Doesn’t that kind of language sound familiar?