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Northern Mariana Islands Hit With Bill for Failed Pension Fund Bankruptcy
The Wall Street Journal
July 19, 2012 "[G]overnment leaders of the Northern Mariana Islands found out that even the expense of getting thrown out of bankruptcy court has an eye-widening price tag. Administrators who run the state pension fund for public workers of the Northern Mariana Islands -- a fund that made a 44-day attempt at Chapter 11 bankruptcy protection to avoid running out of money in 2014 -- ran up a $750,937.82 legal bill before a bankruptcy judge could rule that the government-esque entity didn't qualify for protection under the U.S. Bankruptcy Code." MORE >> |
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