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Politics

Bond insurer contests Stockton bankruptcy over pensions

yahoo.com (9 months and 11 days ago)

Aug 9, 2012

SAN FRANCISCO (Reuters) - Bond insurer MBIA Inc challenged Stockton, California's eligibility for bankruptcy, making an argument with profound implications for the state -- that the city can cut pension benefits. MBIA in a court filing said the city's failure to ask for concessions from the California Public Employees' Retirement System pension fund showed that it had not negotiated with creditors in good faith, and it argued that the city's... full story

More news

Stockton, California bankruptcy eligibility trial begins

SACRAMENTO, California (Reuters) - Lawyers for Stockton and its creditors kicked off a courtroom battle on Monday over whether the California city is eligible for bankruptcy protection to force its bondholders to swallow losses while leaving pensions intact.

reuters.com (1 month and 24 days ago)

Stockton Becomes Biggest US City To Declare Bankruptcy (It's Official)

A mere nine months after we first discussed the inevitability of Stockton, CA.'s bankruptcy, a judge has ordered today that the city will now become the most populous in the US to be declared bankrupt. *STOCKTON CREDITORS DIDN'T NEGOTIATE IN GOOD FAITH, JUDGE SAYS Creditors are pushing to get the city out of bankruptcy but the judge states that "by any measure" the city was...

zerohedge.com (1 month and 18 days ago)

Judge to rule Monday on whether to block Stockton city bankruptcy

A bankruptcy judge said he will rule Monday on whether to block the Stockton bankruptcy on behalf of Wall Street creditors who claim they were stiffed on municipal bond payments…Click to Continue »

sanluisobispo.com (1 month and 23 days ago)

City reaches accord with creditor

STOCKTON – The city announced today reaching its first agreement in bankruptcy with bond insurer, Ambac Assurance Corp., renegotiating a deal that caps payments and possibly stretches the terms of over a longer time.

recordnet.com (2 months and 24 days ago)

Stockton, California bankruptcy eligibility trial starts

SACRAMENTO, California (Reuters) - Lawyers for Stockton and its creditors began their court battle on Monday over whether the California city may have bankruptcy protection in a closely followed trial hinging on the city leaving pensions intact while trying to force losses on bondholders.

reuters.com (1 month and 25 days ago)

Calif. city heading to bankruptcy court

STOCKTON, Calif. — After years of struggles, a Central California city is poised to become the most populous in the nation to enter bankruptcy when its trial begins Monday in federal court.Creditors who lent Stockton money are challenging its Chapter 9 bankruptcy petition, but most observers say there's no doubt the city of 300,000 will be successful.Its largest creditors...

bostonherald.com (1 month and 26 days ago)

Judge rules Stockton can enter bankruptcy protection

The judge finds that the city's creditors had acted in bad faith by failing to negotiate.FRESNO — A federal judge ruled Monday that Stockton was eligible for bankruptcy protection — rebutting Wall Street creditors who claimed the city wasn't really broke and setting up a battle over employee pensions.

latimes.com (1 month and 17 days ago)

Stockton's CalPERS payments will be tested in March bankruptcy trial

Stockton is going to have to prove in court that it's broke, going up against angry Wall Street creditors who say the city is improperly using bankruptcy to worm its way out of debt. A man walks with his shopping cart near a "Stockton Forward" billboard in downtown Stockton on Thursday, Feb. 7, 2013.

sacbee.com (2 months and 24 days ago)

Trial seen as likely next step in Stockton bankruptcy

STOCKTON - It might not happen on the spot at today's court hearing, but a judge ultimately will rule that Stockton has made a good case for bankruptcy protection despite creditors' loud objections.

recordnet.com (2 months and 24 days ago)

Key test looms for Stockton, California, bankruptcy bid

SAN FRANCISCO (Reuters) - The city of Stockton, California, has a strong case heading into court next week in a bid to establish eligibility for bankruptcy protection, a move contested by bond insurers of more than $350 million of its debt, lawyers watching the case predicted.

reuters.com (2 months and 25 days ago)

Bond insurer contests Stockton bankruptcy over pensions

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