Up Front
Jun. 1, 2013
A Tale of Two (Bankrupt) Cities
CalPERS and municipal bond insurers - the largest unsecured creditors in the bankruptcies of both Stockton and San Bernardino - circle each other in court
After delivering his findings at a hearing last April in Stockton's Chapter 9 proceeding, U.S. Bankruptcy Judge Christopher M. Klein announced that he would take a brief recess. But before he did so, the judge teed up the issue the city's creditors had been waiting for him to address: the legal status of the California Public Employees Retirement System (CalPERS).
"If I accept the Capital Market Creditors' view at face value, CalPERS is just a garden-variety credito...
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