A bullish businessman who has snapped up dozens of downtown Detroit buildings predicts the city will file for bankruptcy.
A spokesperson for Dan Gilbert told Local 4 the businessman thinks going through a bankruptcy would be good for the city.
Gilbert is chairman of Quicken Loans, but his business interests extend to Detroit's Greektown casino and downtown real estate. He also owns the NBA's Cleveland Cavaliers.
The city is under the control of an emergency manager, Kevyn Orr, who last week proposed that creditors take about 10 cents for every dollar owed to them.
Negotiations could last weeks.
Orr pegs the chances of a bankruptcy filing at 50-50.