Posts Tagged ‘bankruptcy’

Has California been saved?

Monday, April 8th, 2013

April 8, 2013 By Steven Greenhut SACRAMENTO -- Ever since California’s voters approved the Prop. 30 sales- and income-tax increase on the November ballot, liberal commentators have been gloating about the resurgence of the Golden State after many years of predicted doom and gloom. Their evidence...

Bankruptcy judge rejects CalPERS’ claim to protected status

Wednesday, April 3rd, 2013

April 3, 2013 By Chris Reed As John Seiler pointed out here Tuesday, Monday's court ruling by U.S. Bankruptcy Judge Christopher Klein isn't seen as definitive. Yes, the city of Stockton can proceed with its bankruptcy filing. No, Klein doesn't yet agree with the city's plan to only short bondhold...

Judge: Stockton can go belly up

Tuesday, April 2nd, 2013

April 2, 2013 By John Seiler It’s official: The city of Stockton is bankrupt. On April 1, U.S. Bankruptcy Judge Christopher Klein ruled that Stockton's bankruptcy can proceed. "It's apparent to me the city would not be able to perform its obligations to its citizens on fundamental public safety ...

Reuters bests state media at covering San Bernardino’s collapse

Monday, April 1st, 2013

April 1, 2013 By Chris Reed If you had to fashion a nut graph to explain why so many local California governments are in deep fiscal trouble, here's my nominee for an honest generic overview: Over the past 20 years, the city/county/district's political leaders have often acceded to union demands ...

Stockton bankruptcy judge’s pedigree, history offer hope

Wednesday, March 27th, 2013

March 27, 2013 By Chris Reed The stakes are immense in the four-day trial in Sacramento's federal bankruptcy court this week. The New York Times frames the issue well: "Wall Street is taking America’s biggest pension fund to court this week, for a long-awaited battle over who takes the losses wh...

More CA cities should declare bankruptcy

Friday, March 8th, 2013

March 8, 2013 By John Seiler Last year, three California cities declared bankruptcy: Stockton, San Bernardino and Mammoth Lakes. Atwater nearly did. Mammoth Lakes lost a lawsuit. But for the other cities -- as well as for the Vallejo bankruptcy in 2008 -- what the cities basically are saying is: ...

Municipal Bankruptcy Can Restore Financial Stability

Thursday, January 17th, 2013

Jan. 17, 2013 By Todd C. Ringstad The threat of bankruptcy still haunts California. State and municipal finances have been improving, yet last year three cities filed for Chapter 9 bankruptcy: Stockton, San Bernardino and Mammoth Lakes. Around the country, Jefferson County, Ala. went belly up. De...

Bail Calif. out the Detroit way

Wednesday, December 5th, 2012

Dec. 5, 2012 By Katy Grimes California overwhelmingly just voted to re-elect President Barack Obama. Shouldn't the state get a little somethin-somethin in return? Especially because California is teetering on the verge of becoming a giant Detroit. With three cities already in bankruptcy, and othe...

Riordan drops L.A. pension reform

Tuesday, November 27th, 2012

Nov. 27, 2012 By John Seiler It looks like only bankruptcy will bring pension reform to Los Angeles. Former Mayor Richard Riordan just dropped his efforts to put San Jose-San Diego-style pension reform before the city's voters: "The sudden retreat followed an attack by organized labor on a plan th...

Bankruptcy series: The Road Ahead

Wednesday, November 14th, 2012

Editor’s Note: This is the 11th in a CalWatchDog.com Special Series of in-depth articles on municipal bankruptcy. Nov. 14, 2012 By Chriss Street Up through September 2011, Wall Street underwriters, bond counsels and other assorted securities industry camp followers were gloating over the supp...