Businessman Gilbert predicts Detroit bankruptcy

DETROIT -  A bullish businessman who has snapped up dozens of downtown Detroit buildings predicts the city will file for bankruptcy.

Dan Gilbert tells The Detroit News that "it's good news." He says the "faster we get there, the better."

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.

Gilbert describes a Detroit bankruptcy as a "tsunami we all think is going to come." 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.

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