Really Hard Times in Detroit

Don’t miss an article in today’s N.Y. Times, Bill Vlasic, Derelict in Detroit, and Hard to Sell, Nov. 22, 2013, at p. B1. Click here. It reports the misadventures of the City of Detroit in its efforts to sell the old, or more accurately what is left of the old Packard plant. It consists of 40 acres with 40 derelict buildings on them. So far, two would-be buyers had put in apparently successful bids, but neither one came up with the rest of the money — $2 million and $6 million respectively. So the county has turned to the third-highest bidder who deposited $40,000 on his $405,000 bid and has until the middle of December to come up with the rest. Stay tuned.

And while this is going on, the bankruptcy court has not yet ruled whether the city is eligible for proceeding with its bankruptcy action.

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