DETROIT (WKZO) -- The Detroit Free Press is reporting that it appears that pensioners have approved the “Grand Bargain”.
We will find out one way or another today when the California firm counting the votes reports the outcome to Bankruptcy Judge Steven Rhodes. The bankruptcy trial begins next month.
Over 800-million dollars has been assembled from foundations, unions, corporations and the State of Michigan to reduce the cuts to retirees that would be imposed by the bankruptcy.
It would soften the blow but not make them whole.
Some of those contributions were still rolling in last week.
What happens if the retirees say “no”? It will be up to Judge Rhodes and only he has any idea if there is a “plan B”.