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Stockton, California Chapter 9 Filing - Another Outlier, Or Harbinger?

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...

Cadwalader Clients & Friends Memo-City of Stockton: Bankruptcy Court Holds that Rule 9019 Does Not Apply to Chapter 9 Debtors

On January 30, 2013, Judge Christopher Klein of the Bankruptcy Court for the Eastern District of California held that, pursuant to section 904 of the Bankruptcy Code, a municipal debtor is not required to seek court approval to enter into settlements with and make settlement payments to prepetition creditors...