“The Grand Bargain” Earns Spot as Michigan’s #1 Law of 2014
On behalf of Fausone Bohn, LLP on Thursday, January 29, 2015.
Jim Fausone, Esq.
The Michigan Capitol reporting service Gongwer released its Top Ten Laws of 2014 list, and The Grand Bargain earned top marks. The legislation was crucial to Detroit’s exit from bankruptcy, and it was spearheaded by Fausone Bohn’s own John Walsh.
Mr. Walsh was serving as a State Representative at the time and chaired the “Committee on Detroit’s Recovery and Michigan’s Future,” which was tasked with brokering a deal that ultimately provided $195 million in state funding to Detroit.
The funding was part of a more than $800 million package of money to protect Detroit city worker pensions from devastating cuts. The legislation also included strict oversight measures.
Once all the money was in line, US Bankruptcy Judge Steven Rhodes approved the city’s plan of adjustment to exit bankruptcy. Elected city officials once again are in control of the city, although an oversight board will keep a watchful eye on Detroit’s budget and finances for years to come.
Walsh now serves as Governor’s Snyder’s Director of Strategy and remains of-counsel at Fausone Bohn, LLP.