The nearly bankrupt city of Detroit disclosed in a court filing yesterday that it agreed to dissolve a court order blocking bond insurer Syncora Guarantee from limiting the city's access to millions of dollars of monthly casino tax revenue, Reuters reported yesterday. The insolvent city sued Syncora earlier this month after the insurer allegedly told U.S. Bank, which controls the casino funds that were used as collateral in negotiations with creditors, not to release up to $11 million a month to Detroit, the suit claims. The city won a temporary restraining order that barred Syncora from interfering with Detroit's access to the revenue. Detroit and its state-appointed emergency manager, Kevyn Orr, notified Syncora on Friday that they were willing to lift the order, according to yesterday's court filing.
