According to Fox News, the Motor City has been declared in a financial crisis, and Govenor Rick Snyder has named bankruptcy lawyer, Kevyn Orr as emergency financial manager, March 14, 2013.
Kevyn Orr is a University of Michigan graduate and is partner of a Cleveland firm, Jones Day. Orr is responsible for representing Chrysler in their near bankrupt days, but they have since bounced back.
Before Orr accepted the $275,000 annual salary job, he consulted with his wife and partner at his law firm. Orr also met with Mayor Dave Bing. Orr’s approach is to bring back the “storied city,” as he describes Detroit.
Come March 25, Orr will resume his financial manager’s job, but not until March 28 will his decision making power go into affect, as reported by Fox 2.
When Orr addressed the audience at the press conference, there were citizens protesting on the outside, of the state take-over. Some of the residents of Detroit feel that their rights have been violated and that Governor Snyder is wrong is bringing in a financial manager.
Protesters also slowed down the freeway traffic on I-94 led by Rev. Alexander Bullock to draw attention to the state takeover and the citizens' disapproval of an emergency financial manager.
The new EFM has been assigned 18 months to turn around the city’s $327 million budget deficit, and he believes he can make a difference in less time.
“We can rise from the ashes,” declares Orr.
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