Posts Tagged: stockton

News

Stockton out of bankruptcy, but pension legacy uncertain

A seal of the city of Stockton, Calf. (Photo: Astudio, via Shutterstock)

On the day that Stockton emerged from bankruptcy last week, ending 32 months of debt protection, the final court argument was about the “cram down” imposed on the only creditor that did not cut a deal.

News

Judge: Pension cuts difficult

Calpensions: A federal judge, who earlier ruled CalPERS pension contracts can be overturned in bankruptcy, yesterday outlined the difficulty of cutting pensions while approving Stockton’s plan to exit bankruptcy with pensions intact.

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.

Opinion

Myriad woes in six-state split

OPINION: The six-states plan would newly create two of the poorest states in the country, “Jefferson” at our state’s northern border and “Central California” encompassing a huge swath of out Central Valley including the cities of Stockton, Fresno, and Bakersfield. In both states, one of every five people would be living below the poverty line.

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

News

Key figure in Stockton bankruptcy plans to retire

A key planner of the Stockton bankruptcy, City Manager Bob Deis, plans to retire on Nov. 1, shortly before what could be a crucial public vote on a sales tax increase that has split the city council.

 

Deis battled with a police union that bought a house next to his home and subpoenaed his

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