Law360, New York ( December 15, 2014, 11:13 AM EST) -- On Nov. 7, 2014, the City of Detroit's historic Chapter 9 municipal bankruptcy case culminated with the confirmation of the city's proposed plan of adjustment (after eight amendments), and the approval of various related settlements. Although little more than a month has passed, a great deal of ink has already been spilled on what the city's bankruptcy case means, particularly from the viewpoint of the municipality and its citizens. As counsel for one of the insurers of Detroit's bonds, one of the largest creditors in the City's Chapter 9 case, Chadbourne & Parke LLP was intimately involved in virtually every aspect of the case. With the benefit of that perspective, we offer the following nine lessons that creditors and other stakeholders of distressed municipalities can take away from the Detroit bankruptcy....