U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > California
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Unread 02-29-2012, 01:21 PM
 
Location: San Diego
16,200 posts, read 11,527,285 times
Reputation: 5466
Quote:
Originally Posted by Bulldogdad View Post
snort, snort, or whatever sound a guinea pig makes.

with an accent like crocodile dundee?
Reply With Quote Quick reply to this message

 
Unread 02-29-2012, 08:23 PM
 
4,322 posts, read 1,955,003 times
Reputation: 1385
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.
Reply With Quote Quick reply to this message
 
Unread 02-29-2012, 09:09 PM
 
Location: Orange County, CA
3,150 posts, read 4,820,997 times
Reputation: 1960
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.
Reply With Quote Quick reply to this message
 
Unread 02-29-2012, 11:51 PM
 
Location: Beautiful Downtown Rancho Cordova, CA
465 posts, read 631,715 times
Reputation: 313
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.
Reply With Quote Quick reply to this message
 
Unread 03-01-2012, 12:29 AM
 
Location: North of the hood, south of the valley
2,876 posts, read 6,056,480 times
Reputation: 2080
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.
Reply With Quote Quick reply to this message
 
Unread 03-01-2012, 09:05 AM
 
4,322 posts, read 1,955,003 times
Reputation: 1385
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.
Reply With Quote Quick reply to this message
 
Unread 03-01-2012, 11:16 AM
 
18,563 posts, read 9,989,286 times
Reputation: 15517
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
Reply With Quote Quick reply to this message
 
Unread 03-01-2012, 11:30 AM
 
Location: San Diego
16,200 posts, read 11,527,285 times
Reputation: 5466
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.
Reply With Quote Quick reply to this message
 
Unread 03-01-2012, 11:45 AM
 
Location: Oakland, CA
23,653 posts, read 28,285,939 times
Reputation: 10041
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.
Reply With Quote Quick reply to this message
 
Unread 03-01-2012, 12:10 PM
 
18,563 posts, read 9,989,286 times
Reputation: 15517
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.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $74,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > California

All times are GMT -6. The time now is 03:42 AM.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top