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Detroit About to Run Out of Money Unless Lawsuit Is Dropped

Posted: 6:38 PM Jun 8, 2012
Reporter: Associated Press

Detroit's chief financial officer says the city could run out of cash in a week if a lawsuit challenging a consent agreement to fix the city's finances isn't dropped.
The Detroit Free Press reports Jack Martin offered the assessment Friday, the day after the state Treasurer's office told city officials Detroit is in jeopardy of losing $80 million in revenue sharing because of the lawsuit. He says the city will be broke by June 15, but should be able to make payroll for employees.
Detroit Corporation Counsel Krystal Crittendon recently sued, asking that the consent agreement be overturned.
Mayor Dave Bing said Friday he wants that lawsuit withdrawn.
Bing had planned to meet Friday morning with City Council to discuss the situation, but that meeting was pushed back to Monday.