San Bernardino Seal

Ryan Hagen, Staff Writer
Posted: 05/07/2013 07:06:07 PM PDT

The city’s financial situation is clearer and many disagreements about what documents to share have been resolved, San Bernardino’s attorney and those objecting to its bankruptcy eligibility said Tuesday in U.S. Bankruptcy Court in Riverside.


“Some of this is going to sound familiar,” Michael Lubic, attorney for the California Public Employee Retirement System, said with a smile as he began outlining progress that mostly mirrored that he’d outlined at the previous bankruptcy hearing.

Lubic contended – again – that the city could make more progress if it devoted more resources to determining its financial situation. He pointed to revised numbers he said were signiciantly different from those the city first claimed.

In papers the city filed in January, he said, it claimed that at the end of the year it had $4.2 million on hand.

“The real number is $26.8 million,” he said. “Four, 27. These are materially different numbers that are coming out as a result of people actually doing the work to go through the numbers. ”

It’s hard to negotiate or make it through any other part of the bankruptcy process without reliable financial information, he said.

City Attorney James F. Penman said after the hearing he hoped there was, in fact, more money.

To read entire story, click here.