One month ago, Judge Christopher Klein ruled in the city of Stockton, CA bankruptcy case that public employee pension obligations can be impaired in municipal bankruptcy cases under Chapter 9 of the Bankruptcy Code. Last week, however, Judge Klein ... Read full article
The perception that public employee pension obligations cannot be impaired in bankruptcy suffered a damaging blow several months ago in the City of Detroit bankruptcy case , and has now been fatally wounded by the recent ruling of Judge Christopher Klein ... Read full article
The Chapter 9 bankruptcy case of Stockton, California has come to an unexpectedly quick and consensual resolution . The outcome here, which will see the city’s pension obligations maintained, is particularly surprising given the vehement opposition of ... Read full article
The Chapter 9 bankruptcy case of Stockton, California has come to an unexpectedly quick and consensual resolution . The outcome here, which will see the city’s pension obligations maintained, is particularly surprising given the vehement opposition of ... Read full article
Nearly nine months after it filed for protection under Chapter 9 of the Bankruptcy Code , a federal bankruptcy judge last week determined that the city of Stockton, California has satisfied the requirements of Section 109(c) of the Bankruptcy Code and may ... Read full article
Kevyn Orr , the emergency manager appointed by Michigan Governor Rick Snyder to try to resolve the Detroit financial crisis , has effectively replaced the Detroit mayor, ... Read full article
By Barbara Altimus Shreero Judge Christopher M. Klein’s decision to accept the City of Stockton’s petition for bankruptcy on April 1, 2013 set the stage for a battle over whether public workers’ pensions can be reduced through municipal reorganization. ... Read full article
Kevyn Orr , the emergency manager appointed by Michigan Governor Rick Snyder to try to resolve the Detroit financial crisis , has effectively replaced the Detroit mayor, ... Read full article
Nearly nine months after it filed for protection under Chapter 9 of the Bankruptcy Code , a federal bankruptcy judge last week determined that the city of Stockton, California has satisfied the requirements of Section 109(c) of the Bankruptcy Code and may ... Read full article
The battle in California municipal bankruptcies between bond investors and Calpers , the California public employee pension system, began in the Stockton Chapter 9 bankruptcy case and continues unabated in the bankruptcy ca ... Read full article
Detroit has seen signs of revival in its urban core following the near-death experiences of GM and Chrysler. Unfortunately, its municipal finances remain beaten down by the city’s long and precipitous decline over the past several decades. Labor and ... Read full article
The Olympics may be over, but a potential clash of titans is gearing up in the Chapter 9 bankruptcy case of Stockton, California . Municipal bond insurer National Public Finance Guarantee Corporation (“National”) has challenged Stockton’s eligibility to ... Read full article
Meredith Whitney, one of the first financial analysts to foresee the collapse of the housing market, famously predicted in December 2010 that a wave of municipal bond defaults was on the way . The wave, however, has yet to materialize, and the bankruptcy ... Read full article
