News

San Bernardino, Stockton took different routes to bankruptcy - Los Angeles Times

07/11/12

Stockton became the nation's largest city to file for bankruptcy in late June after three months ... with dozens of financial attorneys and union representatives before filing. A paper analyzing the process called it "Death by a Thousand Meetings."

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San Bernardino Council Votes to File Bankruptcy - New York Times

07/11/12

Under a California law passed this year, cities must hire a third-party mediator to negotiate with employee unions and creditors before filing for Chapter 9 bankruptcy protections. However, cities can avoid this mediation process if they instead ...

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San Bernardino Bankrupt. Up Next: Scranton? - ABC News

07/11/12

The drumbeat of cities filing bankruptcy grows louder: San Bernardino has become the third California city in two weeks to go bust, after Stockton (the biggest U.S. city so far to file) and the small Sierra hamlet of Mammoth Lakes. The L.A ...

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Another California city opts for bankruptcy - msnbc.com

07/11/12

Bankruptcy experts say the decision in San Bernardino — some 60 miles east of Los Angeles — could sound an alarm to cities across the state and country that are grappling with weak property and sales tax revenues as their pension obligations continue to rise.

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Municipal bonds discount San Bernardino bankruptcy - Marketwatch

07/11/12

Read more on San Bernardino bankruptcy filing. Defaults — which a bankruptcy filing doesn’t even necessarily portend — are exceedingly rare among investment-grade municipal bonds. Cities and counties face huge pressures from weak revenues ...

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San Bernadino Bankrupt. Up Next: Scranton? - ABC News

07/11/12

The drumbeat of cities filing bankruptcy grows louder: San Bernadino has become the third California city in two weeks to go bust, after Stockton (the biggest U.S. city so far to file) and the small Sierra hamlet of Mammoth Lakes. The L.A. Times ...

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UPDATE: City attorney addresses alleged financial mismanagement - San Bernardino County Sun

07/11/12

Penman said he could not give additional information, including which agencies he had given the evidence, because of the pending bankruptcy. "I think as city attorney, when we have litigation pending - and bankruptcy is a form of litigation - I ...

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Several local DQ locations sold in bankruptcy deal - KCBD

07/11/12

KCBD NewsChannel 11 learned of the sale late Tuesday during a routine check of public records. On June 28, a bankruptcy judge approved the sale of 69 Dairy Queen locations to a company called Vasari. In one portion of court records it says the purchase ...

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San Bernardino bankruptcy: Pension debt still a problem for cities - Los Angeles Times

07/11/12

San Bernardino's bankruptcy vote is just another grim reminder that local ... New contracts with three of the city's four largest unions closed a $15.7-million hole in the budget that started July 1, Shirey said. But its police union has been ...

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Bankruptcy fraud lands construction company owner in jail - The Business Journal

07/11/12

“This was an egregious abuse of the bankruptcy system,” David Ketchmark, acting U.S. Attorney for the Western District of Missouri, said in a release. “Chapter 7 bankruptcy is designed to give debtors a fresh start and to give creditors an ...

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