Originally Posted by Professor Peabody
Stockton Bankruptcy Case Defers Decision On Pensions
by Alan Greenblatt
April 01, 2013 5:10 PM
Like many other cities, counties and states, Stockton's pension fund is millions of dollars in the hole. Typically, pension obligations have been held sacrosanct, even as bondholders and other creditors lose money in bankruptcy proceedings.
Stockton owes CalPERS as much as $900 million to cover its pension obligation, which is the city's single-biggest