Detriot Retirees Demonstrate Against Bankers’ Plan Of Adjustment


Orr and Snyder’s Plan of Adjustment Is a Death Sentence for Retirees
and Workers of Detroit; Join the Demonstrations Outside the Federal
Courthouse?April 1; File a Legal Objection to the Plan of Adjustment
by?April 1; Attend Our?Monday?Night Weekly Planning Meeting to Fight
Back Against the Bankers Behind This Plan!

We are calling on all City of Detroit retirees, current City
employees, residents and all other concerned people to build and
participate in a mass demonstration outside the Federal Courthouse in
Detroit on?Tues. April 1?beginning at?10:00 a.m.??The state-imposed
emergency manager Kevyn Orr has a “Plan of Adjustment” that will loot
the pension funds, lay-off City workers and liquidate public assets to
pay off the bankers.

Within this corporate-engineered plan 90 percent of the bank debt said
to be falsely owed by the City of Detroit will be paid. Only a small
portion of lenders will have their claims reduced by the plan.

Meanwhile Orr and Snyder are still scheming to pay $85 million to Bank
of America and UBS despite Judge Rhodes’ contention that legal action
against these financial institutions is warranted. We oppose paying
any more money to Bank of America and UBS for this fraudulent
interest-rate swap deal which has already cost tax payers $300

We have no other choice but to fight or starve. 23,000 pensioners and
their families have had their health insurance cancelled and are
facing at least a 34 percent cut in their monthly checks. These
measures will inevitably result in mass deaths of retirees who have
spent decades serving the City of Detroit.

According to Orr’s plan, the City of Detroit will make no
contributions to the pension funds for a decade. The much championed
contributions from charitable foundations are not guaranteed.
Meanwhile the City of Detroit is slated to undergo massive dislocation
and privatization of public services.

The Detroit Water and Sewage Department (DWSD) will face massive
lay-offs in light of yet another bogus interest-rate swap deal that
has saddled the revenue-generating entity $500 million in debt
obligations that should be eliminated by the courts. Billions of
dollars in federal settlement monies from the banks and tobacco
industry remain in Lansing slated to be utilized for further
privatization and the bulldozing of even more areas within the city.

Only a mass movement will stop this state-sponsored terrorist
conspiracy. Civil and workers rights were affirmed by the courts only
after the mass struggles forced them to do so. Lawyers in the courts
need the support of the thousands of people in the streets.

Please join the Moratorium NOW! Coalition and Stop the Theft of Our
Pensions Committee (STOPC) weekly meetings every?Monday at 7:00 p.m.
located at 5920 Second Ave. at Antoinette in Midtown. If your
organization wants to join this effort as a co-sponsor or endorser
please contact us at the numbers and addresses above.

At our?March 17?meeting we will explain how people can file legal
objections to this plan. We have forms available and attorneys that
can assist everyone with the process.

On March 10 at our weekly meeting we will further plan our outreach
strategy which began at the mass Emergency Town Hall Meeting on March
2 at Central United Methodist Church. We must organize block by block
and neighborhood by neighborhood to stop these criminal actions by the
banks and their agents in government.

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