Stockton California possibly to declare bankruptcy

SmashMouth · 06-25-2012, 09:05 PM

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

mutineer10 · 06-25-2012, 10:00 PM

Nice! Jefferson County, Alabama (Birmingham) needed some company!

QBREES9 · 06-29-2012, 12:26 AM

Only in California.

saintfan · 06-29-2012, 12:19 PM

Originally Posted by QBREES9

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...

mutineer10 · 06-29-2012, 12:33 PM

Originally Posted by saintfan

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.

QBREES9 · 07-01-2012, 09:37 PM

Did it ever happen ?

SmashMouth · 07-03-2012, 06:13 PM

Yes it did Q. Won't be the last city either... probably another near a city near you.

foreverfan · 07-03-2012, 09:12 PM

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

06-25-2012, 09:05 PM	#1
SmashMouth I donated, did you? Join Date: Sep 2007 Location: Mandeville, LA Posts: 38,125 Blog Entries: 29	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

06-29-2012, 12:19 PM	#4
saintfan Donated Plasma Join Date: Jul 2002 Location: San Francisco, CA Posts: 18,556 Blog Entries: 5	Originally Posted by QBREES9 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... mutineer10 and QBREES9 like this.

06-29-2012, 12:33 PM	#5
mutineer10 Site Donor Join Date: Nov 2004 Location: Baton Rouge, LA Posts: 1,739	Originally Posted by saintfan 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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06-25-2012, 10:00 PM	#2
mutineer10 Site Donor Join Date: Nov 2004 Location: Baton Rouge, LA Posts: 1,739	Nice! Jefferson County, Alabama (Birmingham) needed some company!

06-29-2012, 12:26 AM	#3
QBREES9 Moderator Join Date: Sep 2007 Location: New Haven Ct Posts: 23,985	Only in California.

07-01-2012, 09:37 PM	#6
QBREES9 Moderator Join Date: Sep 2007 Location: New Haven Ct Posts: 23,985	Did it ever happen ?

07-03-2012, 06:13 PM	#7
SmashMouth I donated, did you? Join Date: Sep 2007 Location: Mandeville, LA Posts: 38,125 Blog Entries: 29	Yes it did Q. Won't be the last city either... probably another near a city near you.

07-03-2012, 09:12 PM	#8
foreverfan 12,000 BS Posts Join Date: Mar 2006 Location: Metairie, LA Posts: 13,457 Blog Entries: 5	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