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Struggling U.S. cities

As San Bernardino became the third California city to file for municipal bankruptcy within one moth, Micheal Sweet appeared on the Lang and O'Leary Exchange to discuss the reasons so many U.S. cities are struggling.

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USA, Insolvency & Restructuring, Fox Rothschild LLP
City’s woes may impede bid to seize mortgages

San Bernardino County is now considering a plan to use eminent domain to restructure mortgages that are underwater. If the proposed plan is enforced, many investors could face significant losses if their loans are seized. Michael A. Sweet discussed San Bernardino County’s financial situation with American Banker..

USA, Insolvency & Restructuring, Fox Rothschild LLP, Eminent domain
Pension Benefit Guaranty Corporation issues final rule on termination dates for pension plans of bankrupt sponsors

On June 14, 2011, the Pension Benefit Guaranty Corporation (PBGC) issued final regulations that apply to single-employer pension plans maintained by employers in bankruptcy. These regulations implement a change made by the Pension Protection Act of 2006 (PPA). The change affects the amount of benefits payable by the PBGC to participants.

USA, Employee Benefits & Pensions, Insolvency & Restructuring, McDermott Will & Emery, Bankruptcy, Employee Retirement Income Security Act 1974 (USA), Retirement, Liability (financial accounting), Subsidy, Disability, Sponsor (commercial), Pension Benefit Guaranty Corporation, Pension Protection Act 2006 (USA)