The Daily Docket: Judge Says Stockton Can Cut Pensions

The federal judge overseeing the bankruptcy of Stockton, Calif., ruled that the city has the power to cut its pension obligations, a landmark decision that has implications for workers, investors and troubled municipalities across the country. Read the Daily Bankruptcy Review article in The Wall Street Journal.

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Trump Entertainment Resorts unveiled its Chapter 11 plan Wednesday, including a balloting scheme that says the only vote that counts is that of Carl Icahn, the billionaire who controls the secured debt of the Atlantic City Boardwalk gambling operation. WSJ has the DBR article here.

Even though Brookfield won the auction for Atlantic City, N.J.’s Revel Casino Hotel, Florida developer Glenn Straub, who led the bidding, is vowing to fight it. WSJ has the DBR article here.

A judge on Wednesday approved a payout to MF Global’s unsecured creditors, who have waited nearly three years as customers of the collapsed brokerage already had their money returned, DBR reports via WSJ.

Detroit’s emergency manager says life is improving in the city, but there’s a way to go, WSJ reports.

Comcast Corp . is fighting a new proposal to sell Comcast SportsNet Houston, which broadcasts games for Major League Baseball’s Houston Astros and the National Basketball Association’s Houston Rockets, out of bankruptcy to DirecTV and AT&T Inc ., DBR reports via WSJ.

Law professor Stephen J. Lubben considers via DealBook whether the debt market is really a market.

Sears said it expects to raise up to $380 million by next month from selling shares in Sears Canada, DealBook reports.

Write to Melanie Cohen at [email protected]. Follow her on Twitter at @MelanieLisa.