Kevyn Orr, the emergency manager appointed by Michigan Governor Rick Snyder to try to resolve the Detroit financial crisis, has effectively replaced the Detroit mayor, former NBA legend Dave Bing. However, it is Orr who in the upcoming weeks


Continue Reading Detroit Emergency Manager Posits Sale of Art Masterpieces as Bankruptcy Looms -Van Gogh(ing) Once, Twice, Sold?

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 bankruptcy case of San Bernardino. The issues at stake


Continue Reading Steel Cage Match Between Calpers and Bond Investors Continues in San Bernardino Chapter 9 Case

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


Continue Reading Game On in Stockton, CA Chapter 9 Case – Bond Insurer Sets Focus on Calpers

U.S. Bankruptcy Court Judge Thomas Bennett last month upheld the Chapter 9 bankruptcy filing of Jefferson County, Alabama, the largest municipal bankruptcy case in history. As has been widely reported, the County’s financial woes were precipitated by the disastrous funding


Continue Reading Throwing Money (Literally) Down the Sewer – Jefferson County and Warrant Holders Square Off on Sewer System Operating Expenses

The travails of Jefferson County, Alabama are well known. Ordered by a federal court to upgrade its sewer system in the late 1990’s, the project was marred by corruption, cost overruns and financing with complex derivatives that ultimately saddled the County


Continue Reading The Right Kind of Broke? Judge Weighs Deeply Insolvent County’s Eligibility For Chapter 9 Protection