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Analyst grilled on 2nd day of bankruptcy trial

MGN Online

MGN Online

DETROIT (AP) - A financial analyst who studied Detroit's books is back on the witness stand facing cross-examination in the city's bankruptcy trial.

A lawyer for a city employee union is going over documents Thursday that identified city-owned assets that could be used to possibly raise money.

Gaurav Malhotra of Ernst & Young is the first witness in the trial, which will determine whether Detroit is eligible to shed debts and turn itself around under Chapter 9 of the bankruptcy law.

Judge Steven Rhodes must decide whether the city is broke and whether it negotiated in good faith with creditors before filing in July. Unions and pension funds are opposed.

Police Chief James Craig is expected to testify about the impact of Detroit's poor finances on public safety.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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