Welcome!

News Feed Item

Former Pontiac Emergency Manager Louis H. Schimmel Returns To Municipal Financial Consultants Incorporated as Vice Chairman

GROSSE POINTE FARMS, Mich., Aug. 18, 2014 /PRNewswire/ -- Meredith A. Shanle, President of Municipal Financial Consultants Incorporated, announced today that Louis H. Schimmel, who served as Vice Chairman of MFCI from 2004 to 2010, returned to the company on August 1st to serve in a similar capacity.

Mr. Schimmel had resigned from MFCI in March 2010, to serve as Executive Administrator for the City of Warren and then on September 12, 2011, was appointed Emergency Manager of the City of Pontiac by Governor Rick Snyder.

In the nearly two years he was the Emergency Manager of the City of Pontiac he completely restructured the City by contracting out nearly all of the basic services the City provides including  police, fire and the entire department of public works.  Additionally, he sold the excess capacity in the City's sewage disposal system to Oakland County for $55 million, reduced the city's overall debt from $105 million to $28 million and cut the City's general fund expenses from a level of $57 million six years ago to $30 million for the current fiscal year. 

These moves along with numerous other creative changes resulted in allowing Schimmel to balance the City's budget going forward and to not declare bankruptcy, which many thought not possible when he became the City's Emergency Manager.  Mr. Schimmel resigned as Pontiac's Emergency Manager on August 19, 2013 and, on the same day, he was appointed by Governor Snyder to a four member Transition Advisory Board to oversee the City of Pontiac in the future years.  He still serves in that capacity.

While Executive Administrator of Warren, Schimmel negotiated eight union labor contracts and was involved in management decisions that resulted in a more efficient city operation and significant savings in tax dollars.

In February 2001, Mr. Schimmel retired as the Executive Director of the Municipal Advisory Council of Michigan (MAC), a statistical clearing house for investment bankers located throughout the United States who underwrite and/or invest in Michigan municipal bond issues.  Mr. Schimmel has a vast background in municipal finance, has served on numerous boards and commissions, has authored several articles and trade publications and continually advised state and local officials on fiscal matters.  He is recognized in the municipal bond industry as an authority on the creditworthiness of Michigan municipal debt issues.

In December 1986, the Chief Judge of the Wayne County Michigan Circuit Court appointed Schimmel to be the Receiver for the debt-ridden City of Ecorse. He served as the City's Receiver for nearly 4 years during which period he completely eliminated the City's $6,000,000 deficit by negotiating unique labor union contracts and by privatizing nearly all services provided by the City.

In November 2000, Governor Engler appointed Schimmel to again bail out a financially troubled city, this time the City of Hamtramck.  During his 5 years as the State appointed Emergency Financial Manager in Hamtramck he sold unused assets, out sourced services, resolved numerous long standing legal matters and streamlined city government operations.

In the past Mr. Schimmel served on the Waterford, Michigan School Board for eight years--two years as board president.  He is a past president of the Bond Club of Detroit.  He also served on the Board of Directors and Executive Committee of the Pontiac State Bank from 1972 to 1988.  He is a graduate of Michigan State University.

Ms. Shanle, also announced today that the founder of Municipal Financial Consultants Incorporated, John R. Axe, has returned, effective August 1, 2014, to serve as Chairman of MFCI.  Mr. Axe, who founded the firm in 1981, served as its President and then Chairman until January of 2010, has returned to the firm where he will serve on the Board of Directors and also as the Project Director for various projects where the firm is financial consultant for one of its many municipal clients. 

Mr. Axe's experience as a Financial Advisor to municipalities extends back to the 1970's when municipalities first were required by the SEC to prepare offering circulars in order to market municipal bonds. 

A graduate of the University of Michigan and the Harvard Law School, Axe currently serves as a member of the board of the Michigan Judges Retirement System and in the past served as a member of the Higher Education Assistance Authority of the State of Michigan. 

MFCI serves as Financial Advisor to counties, cities, townships, and other municipal authorities in Michigan.  In 2014, the firm has successfully marketed 17 municipal bonds and notes for the Counties of Oakland, Macomb, Washtenaw, Berrien, Crawford, Van Buren and Dickinson, the City of Warren, Waterford School District and Benton Charter Township.  All of these securities, which totaled over $112,000,000, were marketed at competitive sales.  In August, MFCI will be offering the largest competitive issue to be sold this year in Michigan for any municipality, which will be a $32,545,000 refunding bond issue for the City of Warren. 

SOURCE Municipal Financial Consultants Incorporated

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
"I think DevOps is now a rambunctious teenager – it’s starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are still a relatively small software house and we are focusing on certain industries like FinTech, med tech, energy and utilities. We help our customers with their digital transformation," noted Piotr Stawinski, Founder and CEO of EARP Integration, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"DivvyCloud as a company set out to help customers automate solutions to the most common cloud problems," noted Jeremy Snyder, VP of Business Development at DivvyCloud, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We're here to tell the world about our cloud-scale infrastructure that we have at Juniper combined with the world-class security that we put into the cloud," explained Lisa Guess, VP of Systems Engineering at Juniper Networks, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Your homes and cars can be automated and self-serviced. Why can't your storage? From simply asking questions to analyze and troubleshoot your infrastructure, to provisioning storage with snapshots, recovery and replication, your wildest sci-fi dream has come true. In his session at @DevOpsSummit at 20th Cloud Expo, Dan Florea, Director of Product Management at Tintri, provided a ChatOps demo where you can talk to your storage and manage it from anywhere, through Slack and similar services with...
"We were founded in 2003 and the way we were founded was about good backup and good disaster recovery for our clients, and for the last 20 years we've been pretty consistent with that," noted Marc Malafronte, Territory Manager at StorageCraft, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"At the keynote this morning we spoke about the value proposition of Nutanix, of having a DevOps culture and a mindset, and the business outcomes of achieving agility and scale, which everybody here is trying to accomplish," noted Mark Lavi, DevOps Solution Architect at Nutanix, in this SYS-CON.tv interview at @DevOpsSummit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We are an IT services solution provider and we sell software to support those solutions. Our focus and key areas are around security, enterprise monitoring, and continuous delivery optimization," noted John Balsavage, President of A&I Solutions, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We want to show that our solution is far less expensive with a much better total cost of ownership so we announced several key features. One is called geo-distributed erasure coding, another is support for KVM and we introduced a new capability called Multi-Part," explained Tim Desai, Senior Product Marketing Manager at Hitachi Data Systems, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
There is a huge demand for responsive, real-time mobile and web experiences, but current architectural patterns do not easily accommodate applications that respond to events in real time. Common solutions using message queues or HTTP long-polling quickly lead to resiliency, scalability and development velocity challenges. In his session at 21st Cloud Expo, Ryland Degnan, a Senior Software Engineer on the Netflix Edge Platform team, will discuss how by leveraging a reactive stream-based protocol,...
SYS-CON Events announced today that Calligo, an innovative cloud service provider offering mid-sized companies the highest levels of data privacy and security, has been named "Bronze Sponsor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalised support service from its globally located cloud plat...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...