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Federal judge rebuffs CalPERS, OK’s San Bernardino bankruptcy
In a victory for taxpayers, a federal judge ruled Wednesday that the City of San Bernardino is eligible to file for bankruptcy. That trumped the claims of the California Public Employees Pension System that the court had the paramount right
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Is California the next Detroit?
Editor’s Note: CalWatchdog.com has been following Detroit’s economic situation for several years, and in light of its recent filing for Chapter 9 bankruptcy, we are re-releasing a series of articles detailing the city’s challenges. This piece was originally posted on CalWatchdog,
Read MoreCA take note: MI state judge tests federal bankruptcy law
For municipal bankruptcy, all eyes across the nation now turn to Detroit. The latest: Michigan Circuit Court Judge Rosemary Aquilina ordered Detroit’s bankruptcy filings be withdrawn because they violate state law guaranteeing that pensions must be paid to public employees.
Read MoreCA take note: Detroit bankruptcy could slash pensions 90%
July 18, 2013 By John Seiler Detroit declared bankruptcy today. For California, here are the takeaways from the Detroit News report: “A bankruptcy judge could trump the state constitution by slashing retiree pensions, ripping up contracts and paying creditors roughly
Read MoreIs Adelanto the next CA city to go belly up?
July 3, 2013 By Wayne Lusvardi The pathway into municipal budget distress is not the same for every city in California. No known city in California has attempted to cut its general fund budget nearly in half. But that’s what
Read MoreLawmaker wants president to discharge student loan debt
May 8, 2013 By Katy Grimes SACRAMENTO — In 2006, a major rewrite of the federal bankruptcy law allowed for federal student loans to be dischargeable. Prior to 2006, student loans, along with taxes, were always required to be paid
Read MoreJay Leno on Stockton bankruptcy
April 10, 2013 By John Seiler Here’s Jay Leno Monday night on the Stockton bankruptcy: “Stockton is so broke, the founding father now is demanding a paternity test. “Stockton is so broke, their meth labs just give out Sudafed. They
Read MoreHas California been saved?
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
Read MoreBankruptcy judge rejects CalPERS’ claim to protected status
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
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