Industry News

In 2024, Grand Bargain: The Inside Story of Detroit’s Dramatic Journey from Bankruptcy to Rebirth was published and written by Gerald E. Rosen, the former U.S. district judge who mediated over the Detroit bankruptcy case.  Below is a brief excerpt from the book.

Rosen stated, “Because so many of the factors changed the numbers, each party had its own actuary, and the parties actuaries were deeply involved in every negotiation.”  He added, “Gradually, all of the parties came to rely upon a smaller, local firm retained by the systems, Gabriel, Roeder, Smith and Company headquartered in nearby Southfield. Time and again, its team proved nimble and reliable.” Furthermore, he indicated, “Without Gabriel, Roeder and its Magic Lantern, it would have been a much more difficult and protracted process to get through the mediation sessions with the retirees.”

The “Magic Lantern” refers to a tool that GRS built and used to model actuarial and benefit scenarios used in the negotiations with all parties.

Gabriel, Roeder, Smith & Company (GRS) thanks Judge Rosen for recognizing our company and its associates’ dedication and expertise in helping the City of Detroit and our clients, the Detroit General Employees and Detroit Police and Fire Retirement Systems, to successfully navigate the most challenging financial crisis in the City’s history.  We are honored to have been part of the process.