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Old 02-29-2012, 01:21 PM
 
Location: San Diego
17,254 posts, read 13,418,305 times
Reputation: 6083
Quote:
Originally Posted by Bulldogdad View Post
snort, snort, or whatever sound a guinea pig makes.

with an accent like crocodile dundee?
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Old 02-29-2012, 08:23 PM
 
4,348 posts, read 2,315,991 times
Reputation: 1405
Stockton city council votes to start bankruptcy process



STOCKTON, CA - The Stockton City Council voted to begin the bankruptcy process by going into a mediation period with creditors.
California state law says cities must have a 60-day mediation period with its creditors where the city discusses ways to avoid bankruptcy.
After the mediation period, the city is allowed to file for bankruptcy if there is no plan to avoid it.
Council members voted 6 to 1 to move ahead with the process, but still hope to avoid filing for bankruptcy.
The city council hopes that during the mediation period, they can work out a payback plan with creditors.
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Old 02-29-2012, 09:09 PM
 
3,458 posts, read 5,440,167 times
Reputation: 2308
Quote:
Originally Posted by Don9 View Post
Stockton city council votes to start bankruptcy process



STOCKTON, CA - The Stockton City Council voted to begin the bankruptcy process by going into a mediation period with creditors.
California state law says cities must have a 60-day mediation period with its creditors where the city discusses ways to avoid bankruptcy.
After the mediation period, the city is allowed to file for bankruptcy if there is no plan to avoid it.
Council members voted 6 to 1 to move ahead with the process, but still hope to avoid filing for bankruptcy.
The city council hopes that during the mediation period, they can work out a payback plan with creditors.
Again, very sad.
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Old 02-29-2012, 11:51 PM
 
Location: Beautiful Downtown Rancho Cordova, CA
471 posts, read 699,929 times
Reputation: 324
Quote:
Originally Posted by Don9 View Post
Stockton city council votes to start bankruptcy process



STOCKTON, CA - The Stockton City Council voted to begin the bankruptcy process by going into a mediation period with creditors.
California state law says cities must have a 60-day mediation period with its creditors where the city discusses ways to avoid bankruptcy.
After the mediation period, the city is allowed to file for bankruptcy if there is no plan to avoid it.
Council members voted 6 to 1 to move ahead with the process, but still hope to avoid filing for bankruptcy.
The city council hopes that during the mediation period, they can work out a payback plan with creditors.
It's possible they may pull it off and stay out of bankruptcy. The creditors will be under pressure to work something out rather than getting a reorganization plan "crammed" down their throats that may be worse.
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Old 03-01-2012, 12:29 AM
 
Location: North of the hood, south of the valley
2,966 posts, read 6,626,395 times
Reputation: 2226
Quote:
Originally Posted by geos View Post
Bankruptcy is not necessarily a bad thing. It allows you to restructure and move on. It's existed since the beginning of economies. Another word for it is bailout. That may be a dirty word these days but as a result of the auto industry bailout thousands of jobs are still here that would otherwise be there. Iceland is doing pretty well since it told the banksters to shove it. So it's not as simple as the self righteous right wing finger waggers would have you believe who of course would be first in line if they needed a bailout.
The most desperate and strident opponents of municipal bankruptcy are the public employee unions.

A lot of public employees had their pensions puffed up during the 1990s stock market bubble. They will do anything, and bleed any and every city dry to retain those bloated pensions as will the state employees. However, the dominoes are starting to fall, even with the new law (AB509 - if that is the one I'm thinking of). I know the Sacramento Dems wanted to make municipal bankruptcy far more difficult to accomplish in order to protect those pensions from being renegotiated to something that is sustainable.
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Old 03-01-2012, 09:05 AM
 
4,348 posts, read 2,315,991 times
Reputation: 1405
Quote:
Originally Posted by kettlepot View Post
The most desperate and strident opponents of municipal bankruptcy are the public employee unions.

A lot of public employees had their pensions puffed up during the 1990s stock market bubble. They will do anything, and bleed any and every city dry to retain those bloated pensions as will the state employees. However, the dominoes are starting to fall, even with the new law (AB509 - if that is the one I'm thinking of). I know the Sacramento Dems wanted to make municipal bankruptcy far more difficult to accomplish in order to protect those pensions from being renegotiated to something that is sustainable.
I dont see the city budget situation getting better and actually its the opposite. The only real path forward is to go bankrupt so the growing financial burden can be removed. Its going to be ugly and public employees will lose but there is no other choice.
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Old 03-01-2012, 11:16 AM
 
20,172 posts, read 12,608,879 times
Reputation: 17200
Quote:
Originally Posted by Don9 View Post
I dont see the city budget situation getting better and actually its the opposite. The only real path forward is to go bankrupt so the growing financial burden can be removed. Its going to be ugly and public employees will lose but there is no other choice.
I have read the actual budget plan, if everyone dosen't get greedy or stupid the city will avoid bankruptcy and all the creditors will get their money back eventually.

The city has already stripped most of the cupboards bare in the last three years by slashing the budget by 88 million.

Given the fact that the Police and Fire unions are still in litigation with the city over the Fiscal Emergency they declared two years ago, I give it a 50/50 chance of success.

http://www.stocktongov.com/files/Age...ncilAgenda.pdf
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Old 03-01-2012, 11:30 AM
 
Location: San Diego
17,254 posts, read 13,418,305 times
Reputation: 6083
Quote:
Originally Posted by Don9 View Post
I dont see the city budget situation getting better and actually its the opposite. The only real path forward is to go bankrupt so the growing financial burden can be removed. Its going to be ugly and public employees will lose but there is no other choice.
3 choices

1. Raise taxes
2. Concessions
3. BK

Since 1 and 2 have gone nowhere it's pretty easy to go from here.
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Old 03-01-2012, 11:45 AM
 
Location: Zurich, Switzerland
24,945 posts, read 31,821,358 times
Reputation: 10577
There is still a lot of potential to that area.
Expert sees potential in S.J. for businesses | Recordnet.com

People who write obits of other cities really need to get their heads checked. This is California folks, cities rise and fall all the time, but they never stay down.
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Old 03-01-2012, 12:10 PM
 
20,172 posts, read 12,608,879 times
Reputation: 17200
Stockton/Manteca area has been struggling for years to be a major freight transportation hub. There was some real development and growth in that area until 2008 obviously. Many large scale urban infrastructure redevelopment projects are sitting idle currently. One big boost will be the State Department of Corrections Hospital being built by the Airport. The inland seaport is also an under utilized mode of transport as was pointed out in the article.

The article points to the types of freight transportation that needs to occur in this State. Not the train to nowhere.

Now is the time to buy real estate in the Valley. Especially those areas closer to the East Bay and Sacramento.
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