San Francisco Chronicle/Kevin Fagan, 6/25/12. "Stockton: Council expected to OK bankruptcy filing."
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| Stockton deep water channel from Center Street |
.... "Faced with a crippling $26 million deficit, the City Council is expected to vote Tuesday to become the largest U.S. municipality ever to file for Chapter 9 bankruptcy protection - further stigmatizing a city already reeling from years from skyrocketing unemployment, foreclosures and rising murder rates.
Under the filing, creditors from banks to bond funds would have to wrangle in federal court for how many pennies per dollar they would get for the hundreds of millions the city borrowed to build ambitious projects during the mid-2000s. Health benefits to retired city employees would be cut, and everyday costs such as parking tickets would go up.
Where the ripples spread from there is anybody's guess." Read Article.
Reference - City of Stockton. General information about Stockton, Wikipedia.
Related article - Kingcade/Garcia attorneys, 3/27/12, reprint from the Los Angeles Times, 3/14/12.
Submitted by Jim Alex
Posted by Kathy Meeh
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