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Text of Bankruptcy Court Opinion Confirming Stockton Bankruptcy Plan and Determining Status of CalPERS (PDF)
U.S. Bankruptcy Court for the Eastern District of CaliforniaLink to more items from this source
Feb. 5, 2015
54 pages. "[CalPERS] says that California law insulates its contract from rejection and that the pensions themselves may not be adjusted. Although ... it is doubtful that CalPERS even has standing to defend the City pensions from modification, CalPERS has bullied its way about in this case with an iron fist insisting that it and the municipal pensions it services are inviolable. The bully may have an iron fist, but it also turns out to have a glass jaw.... [The] California statute forbidding rejection of a contract with CalPERS in a chapter 9 case is constitutionally infirm in the face of the exclusive power of Congress to enact uniform laws on the subject of bankruptcy ... Viewing compensation as a whole package, and comparing those net reductions with the net reductions for capital markets creditors, the plan is, in law and fact, appropriate to confirm." [In re Stockton, No. 12-32118-C-9 (Bankr. E.D. Cal. Feb. 4, 2015)]

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