California City Files For Bankruptcy
 

well I never thought i would see US citys go bankrupt :Oh crap

A federal judge has ruled that Stockton, California will be allowed to enter bankruptcy. The city, located near San Francisco and home to 300,000, is the largest yet in the US to file for bankruptcy, marking a new low point in a trend sweeping California.

US Bankruptcy Judge Christopher Klein ruled Monday that Stockton would be allowed to begin reorganizing its debt in order to continue carrying out ?its obligations to its citizens on fundamental public safety as well as other basic government services.?

Next, city officials must win the judge?s approval for a specific adjustment plan that allows them to adjust financial debts held by Wall Street creditors who have fought Stockton?s bankruptcy claim and, in the opinion of Judge Klein, acted in bad faith.

?The creditors got a big black eye today,? attorney Karol Denniston, who helped draft bankruptcy legislation for city officials, told the Los Angeles Times. ?Now the stage is set for the real dogfight.?

http://rt.com/usa/stockton-bankruptc...s-largest-191/

so police first? am i reading that right

is this a late aprils fools thing?

Nope sadly not

Damn :Oh crap

I'm actually shocked this doesn't happen more often. Most cities are run by people who are not really qualified to run them so it is a wonder more of them don't end up in bankruptcy.

all the regulation involved in running a business in California has caused a lot of businesses to pack up and leave

BINGO!!!!!!!
/Thread

Naw, its just Krooked Kali biz as usual. banks tried to strong arm the city. Mafia style shit.
Of course the city is not that "clean" to begin with. :1orglaugh

Looks like cali needs to get into Pot Commerce and use tax from marijuana to pay off the debts

And taxes.


.

Llooking good if you are one of these people.:

http://database.californiapensionref...ttable=calpers


FOR. FUCKING. LIFE.

Sell city to OCP and problem solved