Stockton, California: Bankrupt
http://www.businessweek.com/news/201...ager-says.html
From the above linked article:
Stockton to Take Steps Toward Bankruptcy, City Manager Says
February 24, 2012, 5:22 PM EST
Feb. 24 (Bloomberg) -- Stockton, California, may take the first steps toward becoming the most populous U.S. city to file for bankruptcy next week because of burdensome employee costs, excessive debt and bookkeeping errors that misrepresented accounts, city officials said today.
The Stockton City Council will meet Feb. 28 to consider a type of mediation that allows creditors to participate, the first move toward a Chapter 9 bankruptcy filing under a new state law. The council will also weigh suspending some payments on long-term debt of about $702 million, according to a 2010 financial statement.
“Somebody has to suffer and in this case the city manager has decided it should be the bondholders who suffer,” Marc Levinson of the Sacramento-based law firm Orrick, Herrington & Sutcliffe LLP, which represents the city, said at a news briefing at Stockton’s City Hall today.
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HA-HA-HA; So not only is Stockton one of the worst sh*tholes of America it is also a Bankrupt Sh*hole. Time to burn this place to the ground and don't bother to start over. Stockon now overtakes Barstow, California as the biggest sh*thole in America.
-Zeno