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Public Pensions in Bankruptcy Court
The New York Times; subscription may be required Link to more items from this source
[Opinion]
Apr. 14, 2013
"While a Supreme Court decision would help clarify an important area of the law, a drawn-out court case is the last thing Stockton needs. The way to get the city back on its feet is for city officials, creditors and retirees to negotiate a fair settlement quickly. Sophisticated investors and bond insurers have to recognize that they made terrible decisions when they lent the city money during the bubble years and will have to take big losses. Retirees, especially those who were awarded unsustainably generous pensions and health care benefits, should also come to the table by forming a committee, as the bankruptcy judge recently suggested."

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