The perception that public employee pension obligations cannot be impaired in bankruptcy suffered a damaging blow several months ago in the City of Detroit bankruptcy case, and has now been fatally wounded by 

The Chapter 9 bankruptcy case of Stockton, California has come to an unexpectedly quick and consensual resolution.

Nearly nine months after it filed for protection under Chapter 9 of the Bankruptcy Code, a federal bankruptcy judge last week determined that the city of Stockton, California has satisfied the requirements of Section 109(c) of the Bankruptcy Code a

The battle in California municipal bankruptcies between bond investors and Calpers, the California public employee pension system, began in the Stockton Chapter 9 bankruptcy case and continues unabated in the

The Olympics may be over, but a potential clash of titans is gearing up in the Chapter 9 bankruptcy case of Stockton, California. Municipal bond insurer National Public Finance Guarantee Corporation (“National”) has challenged Stockton’s eligibility to be a debtor under Chapter 9 of the Bankruptcy Code, and is focusing expressly on the c

Meredith Whitney, one of the first financial analysts to foresee the collapse of the housing market, famously predicted in December 2010 that a wave of municipal bond defaults was on the way. The wave, however, has yet to materialize, and the bankruptcy filing of Stockton, California will likely not change th