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Stockton, Calif., could become largest U.S. city to declare bankruptcy - PennLive.com

06/28/12

They also cut wages and medical benefits. "The whole purpose of filing Chapter 9 is to avoid an uncontrolled chaotic situation," he said. "Bankruptcy provides the equivalent of a pause button. It retains services and provides structure so you ...

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A Third Way Between a Bankruptcy Filing and Bailout - Wall Street Journal

06/28/12

There are a number of key assertions that deserve clarification in your editorial "The Dodd-Frank Downgrade" (June 23). When confronting the failure of a large, complex financial institution, the Dodd-Frank Act requires that the first option is ...

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Southland cities struggle to avoid joining Stockton in bankruptcy - Los Angeles Times

06/27/12

"Usually, both sides decide not to fight and just figure it out." Bankruptcy attorneys say Chapter 9 filings also give the court wide latitude to cancel or cut back on promised pensions. But Vallejo city officials decided to keep pension ...

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Analysis: Bankruptcy no quick fix for weak local governments - msnbc.com

06/27/12

Stockton, just 85 miles east of San Francisco, is on the verge of bankruptcy after its housing boom went bust. Officials of this city of nearly 300,000 people say the court filing for Chapter 9 bankruptcy is likely by Friday afternoon. When that happens ...

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Analysis: Bankruptcy no quick fix for weak local governments - msnbc.com

06/27/12

Stockton, just 85 miles east of San Francisco, is on the verge of bankruptcy after its housing boom went bust. Officials of this city of nearly 300,000 people say the court filing for Chapter 9 bankruptcy is likely by Friday afternoon.

[more]

Ex-UGA coach reaches proposed deal in bankruptcy - San Jose Mercury News

06/27/12

Unable to keep pace with the promised payouts, GLC filed for bankruptcy protection in 2011, and Donnan soon did likewise. In court filings, GLC's owners accused Donnan of playing an active role in the creation and maintenance of the Ponzi scheme ...

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Plea deal entered in Dykstra bankruptcy fraud case - USA Today

06/27/12

Prosecutors said that after filing for bankruptcy, Dykstra hid, sold or destroyed more than $400,000 worth of items without permission of a bankruptcy trustee. Dykstra is currently serving a three-year prison sentence after pleading no contest ...

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Lenny Dykstra takes plea deal on bankruptcy fraud charges - Los Angeles Times

06/27/12

On Tuesday, federal prosecutors in Los Angeles entered under seal a plea agreement with Dykstra in connection with his embezzlement from the bankruptcy estate case. Thom Mrozek, a spokesman for the U.S. attorney's office, said the filing is ...

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Analysis: Bankruptcy no quick fix for weak local U.S. governments - Reuters UK

06/27/12

Stockton, just 85 miles (135 km) east of San Francisco, is on the verge of bankruptcy after its housing boom went bust. Officials of this city of nearly 300,000 people say the court filing for Chapter 9 bankruptcy is likely by Friday afternoon.

[more]

Stockton, Calif., Prepares for Bankruptcy. Are Other US Cities at Risk? - CNBC

06/27/12

The city, which is preparing a bankruptcy filing that could come as early as Wednesday, is a warning signal to America about risks in the realm of municipal finance. The good news is that, with a few exceptions such as Detroit, other big cities don't face ...

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