Posts Tagged: klein

News

For survival, stem cell agency hunts for ‘wet signatures’

Robert Klein, who spent six years as the state stem cell agency's chairman, addresses issues related to the November ballot initiative. (Photo: David Jensen, California Stem Cell Report)

The folks who are trying to save the $3 billion California stem cell agency from financial extinction are using a well-worn technique that goes back to ancient Egypt, at least by some accounts. It is expensive, depending on what you are peddling, and generates a return as low as 1 percent. It is direct mail, but with a significant twist.

News

UC boots deadlines to disclose spending

Students at UC Berkeley walk for their diplomas during graduation ceremonies. (Photo: Richard Thornton)

Missing its own deadline last week, the University of California is now more than two months behind in disclosing to the state Legislature and the Department of Finance details of its expenses. The 10-campus university system first failed to meet an Oct. 1 deadline. It then submitted a seven-page preliminary account on Oct. 31 while requesting an additional six weeks to complete a final report. Those six weeks expired on Dec. 11.

News

Pensions remain a puzzle in Stockton bankruptcy

A view of downtown Stockton. (Photo: Wikimedia Commons)

Calpensions: A federal judge ruled last week that Stockton’s CalPERS pensions can be cut in bankruptcy. But Stockton does not want to cut pensions, and the lone holdout creditor says it can be paid without cutting pensions. U.S. Bankruptcy Judge Christopher Klein may have clarified the legal issue of whether CalPERS pensions, widely regarded as untouchable, can be cut if any of the 1,581 local governments in the giant system take the drastic step of bankruptcy.

News

Bankruptcy court: CalPERS pensions can be cut

The CalPERS' governing board during a meeting several years ago at the pension fund's headquarters. (Photo: CalPERS board)

Calpensions: A federal judge ruled that CalPERS pensions can be cut in bankruptcy like other debt. He rejected the argument that the giant system is an “arm of the state” with pensions protected by federal law and two state laws on contracts and liens.

News

Pensions key to Stockton bankruptcy

Waterfront, Stockton, Calif., at Weber Point. (Photo: Terrance Emerson)

Calpensions: During a hearing Oct. 1 on Stockton’s “plan of adjustment” to cut debt and emerge from bankruptcy, there may be a landmark ruling on whether CalPERS pension debt can be cut in bankruptcy.

News

Can public pensions be cut in bankruptcy?

Bus stop in Stockton, Delta College. (Photo: San Joaquin RTD)

Calpensions: Stockton filed a revised debt-cutting plan last week that could lead to a deal with a holdout creditor, Franklin bonds, possibly enabling the city to emerge from bankruptcy without cutting pensions. But however that plays out, a federal judge may rule on whether public pensions issued through the California Public Employees Retirement System can be cut in bankruptcy like other debts.

News

Stockton tussles with final creditor

U.S. Bankruptcy Judge Christopher Klein, ruling disclosure was adequate, gave Stockton permission to circulate the debt-cutting “plan of adjustment” to all creditors for a vote on Feb. 10. An objection from one creditor can force a trial.

News

In Stockton, bond insurers are back at the table

Bond insurers who walked away from mediation last year before Stockton filed for bankruptcy are at the table this summer. A deal could avoid a precedent-setting legal showdown on whether public pensions can be cut in bankruptcy.

Attorneys for the city and bond insurers told U.S. Bankruptcy Judge Christopher Klein last week that mediation, presided

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