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CalPERS Bankruptcy Strategy Pits Retirees vs. All Others
Bloomberg Businessweek 
Dec. 12, 2012
"CalPERS is arguing that all of its debt should be treated as an administrative claim, which means only a handful of creditors would be paid first, such as the lawyers and financial advisers working on the bankruptcy case ... 'What CalPERS is trying to do is rewrite the priorities of the bankruptcy code,' [said] Kenneth N. Klee, who helped revise Chapter 9 of the U.S. Bankruptcy Code in the 1970s[.]"
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