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Economy
In reply to the discussion: Weekend Economists Get Syri-ous August 30-September 2, 2013 [View all]Demeter
(85,373 posts)70. San Bernardino Becomes 3rd California City to Get Bankruptcy Protection
http://www.governing.com/blogs/view/gov-judge-awards-san-bernardino-bankruptcy-protection.html
...San Bernardino follows Vallejo, which was awarded Chapter 9 protection in 2008, and Stockton, which was granted protection in April of this year. (Mammoth Lakes, a California resort town, filed for bankruptcy in 2012, but won dismissal of its case after settling the $43 million development lawsuit that initially forced the city to seek protection from its creditors.)
The California Public Employees' Retirement System (CalPERS) remains the lone objector to San Bernardino's Chapter 9 claim -- the local union withdrew its objection last month after the city dropped its effort to reject collective bargaining agreements. As the nation's largest retirement system, the $260 billion CALPERS fund presents a formidable opponent. Vallejo did not attempt to reduce its pension obligations when it declared bankruptcy, a decision many believe was made to avoid a fight with CalPERS.
In her ruling, Judge Meredith Jury said it had been obvious for months that the city's finances were beyond rescue. "I don't think anyone in this courtroom seriously thought the city was anything but insolvent," she said, according to news accounts. ...
...San Bernardino follows Vallejo, which was awarded Chapter 9 protection in 2008, and Stockton, which was granted protection in April of this year. (Mammoth Lakes, a California resort town, filed for bankruptcy in 2012, but won dismissal of its case after settling the $43 million development lawsuit that initially forced the city to seek protection from its creditors.)
The California Public Employees' Retirement System (CalPERS) remains the lone objector to San Bernardino's Chapter 9 claim -- the local union withdrew its objection last month after the city dropped its effort to reject collective bargaining agreements. As the nation's largest retirement system, the $260 billion CALPERS fund presents a formidable opponent. Vallejo did not attempt to reduce its pension obligations when it declared bankruptcy, a decision many believe was made to avoid a fight with CalPERS.
In her ruling, Judge Meredith Jury said it had been obvious for months that the city's finances were beyond rescue. "I don't think anyone in this courtroom seriously thought the city was anything but insolvent," she said, according to news accounts. ...
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