DETROIT (WXYZ) - A brief hearing was held Wednesday in Detroit's Bankruptcy case in federal court. \
The Judge ruled the depositions of Kevyn Orr and Miller Buckfire are not open to the media but transcripts will be released to the media.
On the data room, the Judge will allow city officials to redact personal information of employees on documents in the room. Access will still only be allowed to creditors.
An attorney for Motor City Casino asked if their monthly financial information filed with the city and is not subject to release through the Freedom of Information Act would be on the data room website. It will not.
The hearing has concluded.
Judge Steven Rhodes has set September 23 and 24 for a hearing on the matter giving the city 4 hours and the parties on the other side 5 hours. He also ordered both sides to write a "joint statement" agreeing how the "swaps" and Certificates of Participation or "cops" work in the complex funding process.
The first item called by Judge Steven Rhodes is an issue very important to Detroit - property of revenue from Detroit's three casinos.
It amounts to about $11 million a month that the City needs to keep operating and to pay its 10,000 employees.
The dispute is with Syncora which insured "swaps" or loans taken out by the city to make payments to its two employee pension systems.
Syncora is a 3rd party participant in the deal and maintains the city used the casino revenue as collateral. This was subject of a lawsuit between the City and Syncora in Wayne County Circuit Court that was stayed when the City filed for bankruptcy.
Syncora has a motion before Judge Rhodes to dismiss the stay. A hearing will be held on this issue next month in Bankruptcy court. Also a consultant with the city, Miller Buckfire and Emergency Manager Kevyn Orr will be deposed in the case this week as part of discovery.
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