As we expected might happen in light of the Court’s previous order, the parties in the Detroit bankruptcy appeal agreed to postpone oral argument. In a letter to the parties, however, Judge Gibbons wrote that the appeals should be resolved before near the beginning of the hearing on the confirmation of the plan of adjustment. Warning that oral argument might be rescheduled for August 7 or that the panel might decide the case, she gave the parties 48 hours—until close of business on July 31—to decide whether the appeal should be dismissed. In light of the upcoming confirmation hearings, Judge Gibbons wrote that “the panel does not consider further delay in rendering a decision an option at this time.” The Detroit News has an article on the postponement that refers to this blog.
As pointed out in the Detroit News, oral argument in the related appeal by Syncora Guarantee, Inc. regarding Detroit’s casino income will go forward this afternoon.