Tag "bankruptcy"

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Judge: Stockton can go belly up

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

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Reuters bests state media at covering San Bernardino’s collapse

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,

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Stockton bankruptcy judge’s pedigree, history offer hope

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

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More CA cities should declare bankruptcy

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

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Municipal Bankruptcy Can Restore Financial Stability

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,

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Bail Calif. out the Detroit way

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

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Riordan drops L.A. pension reform

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

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Bankruptcy series: The Road Ahead

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

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Los Angeles teeters on the brink of bankruptcy

Editor’s Note: This is the Tenth in a CalWatchDog.com Special Series of in-depth articles on municipal bankruptcy Nov. 13, 2012 By Brian Calle Taxpayers in Los Angeles are facing a major crisis if Mayor Antonio Villaraigosa and other officials do not begin

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Bankruptcy Series: What are the alternatives to bankruptcy?

Editor’s Note: This is the Ninth in a CalWatchDog.com Special Series of in-depth articles on municipal bankruptcy. Nov. 12, 2012 By Tori Richards It was 1975 and New York City was running out of cash. Its excessive spending and lack of financial

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