CHICAGO - Michigan officials will take over the finances of Pontiac starting today following a state review board's determination that the troubled city was not taking adequate steps to address its "serious financial problems."

Last Thursday the state appointed Fred Leeb, an Orchard Lake, Mich.-based business consultant, to act as emergency financial manager for the city. Leeb owns the Nonprofit Management Group LLC and Fred Leeb & Associates LLC, consulting firms that specialize in helping nonprofit organizations and businesses stabilize and strengthen their finances.

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