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Federal judge affirms Detroit's access to casino revenue
July 11, 2014 / 2:35 PM / 3 years ago

Federal judge affirms Detroit's access to casino revenue

July 11 (Reuters) - A U.S. District Court judge on Friday ruled that bond insurer Syncora Guarantee Inc cannot block bankrupt Detroit’s access to casino tax revenue.

Syncora, which insures some of the city’s bonds and interest-rate swaps, appealed an Aug. 28, 2013 ruling by U.S. Bankruptcy Judge Steven Rhodes that gave Detroit access to about $11 million in monthly tax revenue that the insurance company had tried to block.

Judge Bernard Friedman said that Rhodes had correctly decided that the disputed money was part of the bankruptcy estate.

Reporting By Karen Pierog; Editing by Chizu Nomiyama

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