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| Detroit Eligible for Bankruptcy Protection |
DETROIT----Detroit, the fallen capital of U.S. industrial might, was declared eligible for bankruptcy protection Tuesday, clearing an important hurdle for the cash-poor city to restructure billions of dollars in long-term debt.
"I hate purity, I hate goodness! I don't want any virtue to exist anywhere. I want everyone to be corrupt to the bones."
Five months after the city filed for Chapter 9 protection, U.S. Bankruptcy Judge Steven Rhodes ruled that Detroit was legally entitled to pursue the move. The judge found that the nation's 18th-largest city was insolvent before its July bankruptcy filing.
"Well then, I ought to suit you, dear. I'm corrupt to the bones."
Judge Rhodes also concluded that Detroit was legally permitted to file for bankruptcy because it had too many creditors----more than 100,000----to expect it to be able to reach a realistic out-of-court settlement with them.
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