Bankruptcy
Apr. 10, 2013
Stockton bankruptcy could settle pension, Chapter 9 questions
Wall Street companies fought bankruptcy protection for Stockton, fearing city employees would be shielded at their expense. But legal experts say little is certain - least of all that workers' pensions are secure.
Daily Journal Staff Writer
SACRAMENTO - Wall Street companies that bought and insured Stockton's bonds bitterly fought bankruptcy protection for the city, arguing that the process would force them to eat steep losses while protecting workers' pensions. But in the aftermath of a judge's decision last week to allow Stockton to become the most populous city in history to enter Chapter 9 bankruptcy, legal experts say little is cert...
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