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Stockton California possibly to declare bankruptcy

this is a discussion within the Everything Else Community Forum; Stockton, Calif., is set to declare bankruptcy as early as this week, according to local officials, a move that would make it one of the largest U.S. cities ever to file for reorganization. On Monday, a state-required mediation with creditors ...

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Old 06-25-2012, 08:05 PM   #1
 
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Stockton California possibly to declare bankruptcy

Stockton, Calif., is set to declare bankruptcy as early as this week, according to local officials, a move that would make it one of the largest U.S. cities ever to file for reorganization.
On Monday, a state-required mediation with creditors to find a fiscal solution is scheduled to expire. Stockton's City Council is then slated to meet Tuesday to decide whether to adopt a budget for operating in bankruptcy, a move widely considered the last step before the city formally submits a Chapter 9 petition to federal bankruptcy court.
Stockton is required to file a budget before its new fiscal year begins July 1.
"The budget I'm sending to the council assumes we will file for bankruptcy," Stockton City Manager Bob Deis said in an interview. "We've been working very hard in trying to negotiate a major financial-restructuring package, but the timeline is close to ending."


Read more: California city could declare bankruptcy this week | Fox News

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Old 06-25-2012, 09:00 PM   #2
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Nice! Jefferson County, Alabama (Birmingham) needed some company!
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Old 06-28-2012, 11:26 PM   #3
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Only in California.
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Old 06-29-2012, 11:19 AM   #4
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Originally Posted by QBREES9 View Post
Only in California.
Cities in the South, the East, The Mid-West, Central, and yes, California, have been forced to do this. It is certainly not a problem specific to Cali.

What hacks me off is that the people in charge, those who mis-managed everybody else's money, aren't in jail...and they should be...
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Old 06-29-2012, 11:33 AM   #5
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Originally Posted by saintfan View Post
What hacks me off is that the people in charge, those who mis-managed everybody else's money, aren't in jail...and they should be...
In Birmingham's case, I think some of them are still in office ... and still doing catastrophic financial damage.
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Old 07-01-2012, 08:37 PM   #6
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Did it ever happen ?
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Old 07-03-2012, 05:13 PM   #7
 
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Yes it did Q. Won't be the last city either... probably another near a city near you.
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Old 07-03-2012, 08:12 PM   #8
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The former president of France's home has been raided by police big news apperently he is on the run.

French police raid home of former president Nicolas Sarkozy
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