(Bloomberg) -- Detroits offer to replace a $3.5 billion unfunded pension liability with a $2 billion note was not a serious proposal, according to a Greenhill & Co. adviser hired by a city employee retirement fund.
Greenhill & Co.s Bradley A. Robins yesterday told the judge who will decide whether Detroit can remain under bankruptcy court protection that he couldnt respond to the citys pension proposal because it was too vague and because the city didnt give him and other financial advisers for creditors details of its assets.
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