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Tag Archives | bankruptcy

San Bernardino eligible for bankruptcy. CalPERS has hissy fit

Federal bankruptcy laws trump California state law requiring municipalities to pay public pension obligations, ruled a federal judge. California public pension giant CalPERS tried to block the bankruptcy as it means they are no longer first in line for repayment. San Bernardino stopped paying CalPERS when it filed bankruptcy. This is a major big deal […]

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Stockton California to be largest city to file bankruptcy

On Tuesday, Stockton California said talks with creditors had failed and prepared to file Chapter 9 bankruptcy. They will be the largest American city ever to do so and the results will be closely watched by other struggling municipalities, public employees, Wall Street, hedge funds, and bondholders alike. If Stockton is able to structure their […]

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Rhode Island city bankruptcy a warning sign for California

(My latest for CAIVN) Central Falls, a densely populated and impoverished city of nearly 20,000 in Rhode Island, filed for Chapter 9 bankruptcy on August 1, citing unaffordable pension and retiree health care liabilities. The city said it had no choice after retirees refused to accept any cuts. A retired state Supreme Court judge now […]

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Vallejo could be a harbinger of more California city bankruptcies

In 2008, the California city of Vallejo took the unprecedented step of filing for bankruptcy. A combination of falling revenues caused by the collapse of the real estate bubble and rising public pension costs cratered their finances. Other California cities and counties are watching how Vallejo manages, and may well follow suit. Indeed, former Los […]

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Forensic Financial Partners. What Sue is doing now

Sue is now associated with Forensic Financial Partners. Forensic Financial Partners, LLC provides financial advisory services to government agencies, financial institutions, and counsel. Our skills and background uniquely qualify us to manage large investigations while charting political minefields when pursuing claims against third parties, such as directors, officers, investors, and large builders. Services and expertise […]

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