Detroit Resurrected: To Bankruptcy and Back

Detroit Resurrected cover draftIn Detroit Resurrected, journalist Nathan Bomey delivers the inside story of Detroit’s historic bankruptcy and the people who fought to save it against impossible odds.

The book will be published by New York-based W.W. Norton & Co. in April 2016. Bomey, who covered the case for the Detroit Free Press, is a business reporter for USA TODAY.

Detroit Resurrected offers a sweeping account of financial ruin, backroom intrigue, and political rebirth in the struggle to reinvent one of America’s great cities – with profound implications for law, politics, finance, art and philanthropy.

For this book, Bomey interviewed numerous people involved in the bankruptcy, reviewed thousands of public documents and obtained exclusive records, delivering unprecedented insight into how the Motor City escaped the clutches of insolvency.

The book reveals how:

  • Gov. Rick Snyder, a Republican governor, and Kevyn Orr, a Democratic bankruptcy attorney, collaborated to help Detroit fend off a phalanx of creditors by placing their emphasis on the city’s neglected residents and neighborhoods.
  • Former Detroit Mayor Kwame Kilpatrick partnered with Wall Street to help the city evade legal debt limits and construct a byzantine borrowing transaction that sealed the city’s financial fate.
  • Lawyers, bankers, foundations and art supporters battled over whether to liquidate the city-owned Detroit Institute of Arts, including treasured paintings by Van Gogh, Picasso and Matisse.
  • Vulnerable retirees fought Detroit’s effort to cut their pensions and health care.
  • A previously unknown U.S. bankruptcy judge, Steven Rhodes, transformed into one of the most important people in Detroit’s history.
  • A mediator with a Winston Churchill obsession, Gerald Rosen, crafted a solution to a stalemate between the city, retirees, financial creditors and Detroit Institute of Arts.
  • Two bond insurers, Syncora and Financial Guaranty Insurance Co., struck an alliance to wage a bitter fight against Detroit’s bankruptcy plan.
  • Detroit was thrust into the middle of ongoing rivalries between world-class bankruptcy attorneys and investment bankers.

 

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