Judge: Casino tax revenue belongs to Detroit, can't be tapped by creditors

The Detroit News reports:

Casino tax revenue belongs to the city and can’t be tapped by a bond insurer while Detroit is in bankruptcy, a federal judge ruled Friday, dealing a setback to one of the city’s last holdout creditors.

U.S. District Judge Bernard Friedman affirmed a decision by the city’s bankruptcy judge that tax revenue from three Detroit casinos are property of the bankruptcy estate and subject to an automatic stay freezing lawsuits against the city.

Just a reminder to those who want to lend money to big cities in America.