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Old 02-29-2012, 02:21 PM
 
Location: San Diego
17,490 posts, read 14,160,108 times
Reputation: 6222

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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, 09:23 PM
 
4,354 posts, read 2,459,597 times
Reputation: 1409
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, 10:09 PM
 
3,470 posts, read 5,656,509 times
Reputation: 2342
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 03-01-2012, 12:51 AM
 
Location: Beautiful Downtown Rancho Cordova, CA
471 posts, read 725,731 times
Reputation: 336
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, 01:29 AM
 
Location: North of the hood, south of the valley
2,996 posts, read 6,836,006 times
Reputation: 2297
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, 10:05 AM
 
4,354 posts, read 2,459,597 times
Reputation: 1409
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, 12:16 PM
Status: "Mr. Frou-Frou man." (set 25 days ago)
 
20,819 posts, read 13,649,084 times
Reputation: 17896
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, 12:30 PM
 
Location: San Diego
17,490 posts, read 14,160,108 times
Reputation: 6222
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, 12:45 PM
 
Location: Zurich, Switzerland
25,352 posts, read 33,197,163 times
Reputation: 10743
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, 01:10 PM
Status: "Mr. Frou-Frou man." (set 25 days ago)
 
20,819 posts, read 13,649,084 times
Reputation: 17896
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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