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Pension 'Cram Down' in Stockton Bankruptcy?
CalPensions 
Mar. 4, 2013
"A problem for the bond insurers is that Stockton does not want to cut pensions. If the judge rules that Stockton is eligible for bankruptcy, the city might ask for a cram down that spares CalPERS if no agreement on a plan is reached in negotiations.... Stockton argues that eliminating retiree health care and employee pay cuts of up to 30 percent are a fair share of the 'hair cut' for members of [CalPERS]."
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