Perspective
Nov. 29, 2012
Constitutional principles clash in city bankruptcy
San Bernardino is trying to reject its CalPERS contract as an executory contract in its bankruptcy case -- raising some interesting constitutional issues that could affect municipalities across the state. By Samuel Oh
An epic battle is brewing between the city of San Bernardino and the California Public Employee Retirement System in the city's Chapter 9 bankruptcy case. CalPERS is listed as the largest unsecured creditor in the bankruptcy, with a pre-bankruptcy claim totaling in excess of $143 million. The city has apparently suspended ongoing payments to CalPERS, including payments which relate to post-bankruptcy pay periods. The key question is whether the c...
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