From WXYZ (yeah, I guess they thought that was funny) in Detroit:
Detroit Mayor Dave Bing says Michigan Governor Rick Snyder will announce a state takeover of the city of Detroit on Friday.
… Detroit has been operating under a consent agreement with the state since last year. That consent agreement prevented the city from being taken over by an emergency manager, who would have been appointed under a state law that was in place at that time.
Voters overturned that law in November 2012 and the state reverted to an older law that allowed for the appointment of an emergency financial manager.
So let me get this straight: they need someone with management experience, free time, and (one would think) ties to the region? What's Mitt Romney up to these days?