Will Detroit Bondholders Take a 90% Hit While Detroit Pensioners Only Take a Small Cut?

Fortune reports that those who lent money to Detroit might take the "biggest hit" in the bankruptcy deal:

Meanwhile, holders of pension certificate debt have been dealt a pretty dismal hand. Under the plan, creditors could end up receiving between 0% and 10% of the money owed them. Unsurprisingly, the bond insurers and hedge funds that control the more than $1 billion debt in question are fiercely fighting the proposal.

A 90% hit! It's not like we didn't warn you of "investing" in muni debt.