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Stockton Bankruptcy: Bond Insurers vs. CalPERS
CalPensions 
Sept. 24, 2012
"Bond insurers arguing that Stockton is ineligible for bankruptcy because it did not attempt to negotiate a pension debt reduction with CalPERS, among other failings, may get their day in court in January.... In July, [U.S. Bankruptcy Judge Christopher Klein, who is presiding over the case in Sacramento,] said the federal bankruptcy law prohibits interference with the debtor's political or governmental powers, property and revenues.... The main point for CalPERS, which says it is an 'arm' of state government, is not whether labor contracts are overturned but the federal limits on bankruptcy court power[.]"
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