Howes: Detroit EM Kevyn Orr prepared to use bankruptcy hammer

Kevyn Orr, Detroit's emergency financial manager within the next 10 days, speaks plainly. A Washington lawyer with deep experience in bankruptcy and restructuring, he says he wants to be "consensual," which City Council-in-opposition may like to hear even if most of its members probably won't believe it. He says he wants to negotiate in "good faith" with creditors, pension funds and unions, even if good faith may be in the eye of the beholder. But if a city facing the increasingly real prospect of Chapter 9 bankruptcy falls short under his consensual and good faith efforts, he sounds unafraid to wield a big hammer and initiate what would be the largest municipal bankruptcy in American history. The move would be as defining for this beleaguered city and its legacy as it would be ignominious. If there was a subtext to Orr's introduction Thursday by Gov. Rick Snyder, it was the declaration that financial reality finally has arrived in the city of Detroit. Time to stop endless bickering, to work together and to focus on reaching solutions quickly because this guy isn't afraid of bankruptcy. "People of good faith — don't make me go to bankruptcy court," Orr said, flanked by the governor and Mayor Dave Bing. "You won't enjoy it." From The Detroit News: http://www.detroitnews.com/article/20130315/OPINION03/303150364#ixzz2NlOfAHZo