Archive for the ‘ U.S. Bankruptcy Court ’ Category

The Sun: San Bernardino, police negotiators agree on contract

San Bernardino Seal

San Bernardino Mayor Carey Davis called the contract agreement between the city and the San Bernardino Police Officers Association “very favorable” to the city.

By Ryan Hagen, The Sun
Posted: 07/29/15 – 5:42 PM PDT |

After more than two years of police leaving San Bernardino, saying the lack of a contract robbed them of a sense of stability in a city where many residents say crime is their top concern, the police union and city negotiators both say they’ve agreed on a new contract.

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The Sun: Bankruptcy judge: San Bernardino may outsource Fire Department

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 07/15/15 – 9:22 PM PDT |

RIVERSIDE >> Nothing in the city charter prevents San Bernardino from outsourcing its Fire Department, a federal bankruptcy judge ruled Wednesday in a blow to the fire union that its attorneys immediately said they would appeal.

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The Sun: San Bernardino bankruptcy plan criticized in court

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 06/17/15 – 11:24 PM PDT |

RIVERSIDE >> The attorney representing bondholders who’ve invested about $50 million in San Bernardino came out swinging Wednesday in the first bankruptcy hearing since the city filed a bankruptcy exit plan that would pay bondholders only 1 percent of that.

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CalPERS

Business & Real Estate
June 10, 2015
By Dale Kasler
dkasler@sacbee.com

Setting up a possible showdown with CalPERS, two bond firms are reviving their legal campaign to win a bigger share of the money being doled out by bankrupt San Bernardino.

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The Sun: San Bernardino bankruptcy deadline looms

San Bernardino Seal

San Bernardino officials say they will submit the city’s bankruptcy exit plan by today. (Staff file photo)

By Ryan Hagen, The Sun
Posted: 05/29/15 – 7:52 PM PDT |

SAN BERNARDINO >> The earth didn’t move under the city, which means today is the last day U.S. Bankruptcy Judge Meredith Jury will accept the city’s bankruptcy exit plan.

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Calpensions: San Bernardino exit plan cuts some pension costs

San Bernardino Seal

By Ed Mendel
May 26, 2015

A San Bernardino plan to exit bankruptcy follows the path of the Vallejo and Stockton exit plans, cutting bond debt and retiree health care but not pensions. Then it veers off in a new direction: contracting for fire, waste management and other services.

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The Sun: San Bernardino council approves bankruptcy plan, 6-1

San Bernardino Seal

By Ryan Hagen, The Sun
POSTED: 05/18/15 – 8:55 PM PDT |

SAN BERNARDINO >> A full-court press by the city’s administrators, consultants and allies from the community convinced six of the seven council members Monday that it was vital to pass the Plan of Adjustment, pushing the city into the next stage of its nearly three-year bankruptcy.

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The Sun: San Bernardino bankruptcy plan gets group’s support

San Bernardino Seal

By Ryan Hagen, The Sun
POSTED: 05/16/15 – 8:35 PM PDT |

SAN BERNARDINO >> The deep cuts and extensive restructuring proposed in the city’s bankruptcy exit plan got a unanimous thumbs-up from its strategic planning core team on Saturday, as the City Council prepares to vote on the plan Monday.

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The Sun: San Bernardino plans huge reductions in bankruptcy plan

Bankruptcy Court

By Ryan Hagen, The Sun
Posted: 05/14/15, 4:49 PM PDT |

SAN BERNARDINO >> The proposed bankruptcy exit plan released to the public for the first time Thursday would pay 1 percent of the $50 million owed to pension obligation bondholders, slash retirees’ healthcare coverage, and contract out for services, including fire and waste disposal, among other changes.

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InlandPolitics: San Bernardino: Bankruptcy Exit Plan hide the ball!

San Bernardino Seal

Thursday, May 14, 2015 – 04:30 p.m.

You gotta hand it to bankrupt San Bernardino, California. If there’s any local government that can screw anything up, it’s good ole San Berdoo!

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Lou Desmond

Thursday, May 14, 2015 – 04:00 p.m.

Tonight on the show, Ryan Hagen joins to program to discuss San Bernardino’s plan to exit bankruptcy. The only problem, they are releasing it at 5:00, then locking the doors to city hall until Monday morning. Also, Lou will cover the local headlines from the Inland Empire.

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U.S. Bankruptcy Court

U.S. Bankruptcy Court in Riverside. Today, San Bernardino will reveal its bankruptcy exit plan. The city declared bankruptcy in July 2012. (John Valenzuela/ The Sun)

By Ryan Hagen, The Sun
Posted: 05/13/15, 8:27 PM PDT |

SAN BERNARDINO >> City officials say they will release a sweeping bankruptcy exit plan Thursday afternoon and ask the City Council on Monday to commit to changes they say will significantly affect residents, employees and creditors for years to come.

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The Sacramento Bee: CalPERS wins ruling in San Bernardino bankruptcy

San Bernardino Seal

Judge allows city to make pension payments

By Dale Kasler
dkasler@sacbee.com

Government pensions in California have withstood another fierce challenge in bankruptcy court.

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The Sun: San Bernardino firefighters union sues city

San Bernardino Seal

The union representing San Bernardino’s firefighters sued the city in a pair of suits on Thursday and Friday, alleging city officials are violating San Bernardino’s charter in an ongoing pay dispute.

By Beau Yarbrough, The Sun
Posted: 04/10/15, 6:55 PM PDT | Updated: 2 hrs ago

SAN BERNARDINO >> The union representing San Bernardino’s firefighters sued the city in a pair of lawsuits on Thursday and Friday, alleging city officials are violating San Bernardino’s charter in an ongoing pay dispute.

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The Sun: San Bernardino bankruptcy ‘unique,’ ‘perplexing,’ creditor says

question-mark

By Ryan Hagen, The Sun
Posted: 03/27/15, 12:01 AM PDT

RIVERSIDE >> San Bernardino’s lack of progress as the deadline to file a bankruptcy exit plan approaches is “perplexing” and shows an important contrast with other cities that have gone through bankruptcy, according to an attorney representing the city’s pension obligation bondholders who also was involved in bankruptcies in Detroit, Stockton, and Central Falls, Rhode Island.

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IE Business Daily: Political Whispers

Inland-Empire-Political-News-Political-Whispers

IE Business Daily

March 28, 2015

The City of San Bernardino is in a real bind regarding its bankruptcy proceedings. San Bernardino has a drop dead date to submit its bankruptcy plan by May 30. Management Partners, the organization brought on board to put that plan together has stated that due to staff failures they are likely to miss Judge Jury’s hard deadline, which will require a request to continue the proceedings, again. Reminder: The city filed for Chapter 9 bankruptcy in August, 2012.

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Reuters: Bankrupt San Bernardino reveals details of deal with Calpers

San Bernardino Seal

Reuters

LOS ANGELES | By Tim Reid
Thu Mar 26, 2015 – 6:28pm EDT

(Reuters) – The bankrupt California city of San Bernardino revealed on Thursday details of its deal with the state’s public pension system Calpers, in which the retirement fund will be paid in full under the city’s bankruptcy exit plan.

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Reuters

Monday, Mar 23, 2015 – 5:57pm EDT

(Reuters) – The holdout creditor in Stockton, California’s bankruptcy case filed its opening brief in an appeal of the city’s reorganization plan on Monday, claiming “no bondholder has ever received so little in the history of municipal bankruptcy.”

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InlandPolitics: San Bernardino risks bankruptcy dismissal

San Bernardino Seal

Sunday, March 22, 2015 – 10:30 a.m.

Just as bankrupt San Bernardino, California is starting to get its act together, comes another possible step backwards.

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The Sun: Auditor: San Bernardino unlikely to meet deadline

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 03/17/15 – 6:41 PM PDT |

SAN BERNARDINO >> The city’s auditor revealed for the first time late Monday that it might be impossible to finish auditing the city’s financial statements in time for them to be used in a bankruptcy exit plan due May 30, potentially opening the city to crippling attacks by creditors.

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gavel

By Ryan Hagen, The Sun
Posted: 03/17/15, 2:59 PM PDT

RIVERSIDE >> A federal judge in San Bernardino’s bankruptcy case ruled Tuesday that the city can reject its bargaining agreement with the city’s police union.

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Reuters: Exclusive: San Bernardino has defaulted on $10 million in bond payments

File photo of cracked tarmac is seen in the parking lot of a largely abandoned shopping mall in San Bernardino

Cracked tarmac is seen in the parking lot of a largely abandoned shopping mall in San Bernardino, California in this January 23, 2015 file photo. (Reuters/Lucy Nicholson/Files)

By Tim Reid
Tue Mar 17, 2015 – 10:52pm EDT

Los Angeles —

(Reuters) – The southern California city of San Bernardino has defaulted on nearly $10 million in payments on its privately placed pension bond debt since it declared bankruptcy in 2012, according to documents seen by Reuters.

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Sacramento Bee: San Bernardino defends CalPERS payment plan in bankruptcy

San Bernardino Seal

By Dale Kasler
dkasler@sacbee.com
03/16/2015 7:52 PM

Defending its plan to fully repay its debts to CalPERS, the bankrupt city of San Bernardino has asked a judge to dismiss a lawsuit by creditors demanding equal treatment.

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The Sun: Audit cost double, San Bernardino learns before bankruptcy deadline

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 03/15/15, 8:08 PM PDT | Updated: 2 hrs ago

SAN BERNARDINO >> It’ll cost double what we said, and if you don’t agree you’ll be thrown out of bankruptcy court.

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Calpensions: Stockton bankruptcy’s unsettled pension legacy

Pensions

By Ed Mendel
Monday, March 2, 2015

On the day that Stockton emerged from bankruptcy last week, ending 32 months of debt protection, the final court argument was about the “cram down” imposed on the only creditor that did not cut a deal.

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CPR: Stockton Officially Exits Bankruptcy

Bankruptcy

Rich Ibarra
Wednesday, February 25, 2015 | Sacramento, CA

The City of Stockton officially exits bankruptcy Wednesday. The exit ends more than two years of negotiations, settlements, and development of a future fiscal plan.

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Calpensions: CalPERS paid lawyers $7 million in bankruptcies

calpers

By Ed Mendel
February 16, 2015

CalPERS has paid two law firms more than $7 million in the Vallejo, Stockton and San Bernardino bankruptcies, even though a federal judge doubts that it has the legal standing to object to city pension cuts.

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SacBee: Stockton bankruptcy judge puts key CalPERS rulings in writing

US Bankruptcy Court

By Dale Kasler
dkasler@sacbee.com
02/05/2015 6:44 PM

With harsh words for CalPERS and an angry bondholder, a U.S. bankruptcy judge has put into writing his pivotal rulings on the sanctity of public pensions in the Stockton bankruptcy case.

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SacBee: Judge rejects bid to keep Stockton in bankruptcy

US Bankruptcy Court

By Dale Kasler
dkasler@sacbee.com
01/20/2015 8:58 PM

A bankruptcy judge Tuesday dismissed an effort to keep Stockton mired in bankruptcy while a creditor challenges a decision that lets the city pay its CalPERS pension bills in full.

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The Sun: San Bernardino seeking community input on strategic plan

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 01/14/15, 7:01 PM PST |

SAN BERNARDINO >> With a May 30 deadline to file its bankruptcy exit plan looming and years of growth hoped for after that, city officials are moving forward with a long-term strategic plan that will help form the bankruptcy plan and extend far beyond it.

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Pension-Fund

By Dale Kasler
dkasler@sacbee.com
01/08/2015 8:44 PM

Government pensions, once thought to be ironclad in California, are under attack in court once again.

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The Sun: San Bernardino has bankruptcy workplan, gag order loosened

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 12/16/14, 8:58 PM PST | Updated: 28 secs ago

SAN BERNARDINO >> The city has a “work plan” to prepare its bankruptcy exit plan, and it’s been reviewed by the entire City Council — not just the small team that previously was allowed to know details of the confidential mediation where much of the city’s bankruptcy plan has been ironed out.

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Calpensions: Vallejo first to test no pension cut in bankruptcy

Pension Reform

By Ed Mendel
Monday, December 1, 2014

What happens when a bankrupt city does not cut its largest debt, pensions, is getting its first test in Vallejo, which has higher average pensions and higher CalPERS rates than the two larger cities still in bankruptcy, Stockton and San Bernardino.

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UTSanDiego: CalPERS wins yet another hollow victory

Pat Morris

Former San Bernardino Mayor Pat Morris ponders a question Wednesday, July 11, 2012, regarding the city council vote authorizing a bankruptcy filing outside San Bernardino City Hall in San Bernardino, Calif. (AP Photo/The San Bernardino Sun, Rick Sforza) Former San Bernardino Mayor Pat Morris ponders a question Wednesday, July 11, 2012, regarding the city council vote authorizing a bankruptcy filing outside San Bernardino City Hall in San Bernardino, Calif. (AP Photo/The San Bernardino Sun, Rick Sforza) — AP

Bankrupt San Bernardino rolls over, but pension problems persist
By Steven Greenhut
Nov. 21, 2014

SACRAMENTO — The recent announcement that the bankrupt city of San Bernardino has agreed to fully pay its pension debt to the California Public Employees’ Retirement System has public-employee unions cheering. But pension reformers, though demoralized, believe the CalPERS victory is a hollow one.

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Calpensions: San Bernardino hires Stockton exit plan architect

San Bernardino Seal

By Ed Mendel
November 20, 2014

A former Stockton city manager, Bob Deis, regarded as the architect of the Stockton plan to exit bankruptcy, is part of a consulting team hired by bankrupt San Bernardino this week to develop an exit plan.

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The Sun: San Bernardino given six months to come up with bankruptcy exit plan

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 11/18/14, 7:46 PM PST |

RIVERSIDE >> San Bernardino has six months to come up with a detailed plan to exit bankruptcy or its case will be thrown out of court.

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San Bernardino Sign

The city’s lawyers suggested San Bernardino wasn’t eager to pick a fight with the nation’s largest public pension fund.

By Dale Kasler
dkasler@sacbee.com
11/18/2014 11:08 PM

Public employees and retirees in California absorbed a potentially devastating court ruling a little more than a month ago: Pension benefits can be legally slashed if their employers go bankrupt.

The cities in a position to cut pensions, however, have shown no interest in doing so.

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The Sun: San Bernardino will look to outsource, raises taxes

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 11/06/14, 8:36 PM PST |

San Bernardino voters’ decision not to change the way police and firefighters are paid is a “game-changer” that could mean outsourcing services and going back to voters next year — this time to raise taxes, the city’s bankruptcy attorney said Thursday.

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LATimes: Different pension rulings expected in Stockton, Detroit bankruptcies

Pension-Fund

By Marc Lifsher
November 2, 2014

Stockton employees and retirees avoided pension cuts when a federal judge last week approved the San Joaquin Valley city’s plan to emerge from bankruptcy.

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SacBee: Judge approves Stockton’s plan to repay creditors, leaving pensions intact

Gavel

By Dale Kasler
dkasler@sacbee.com
10/30/2014 9:20 PM

Government pensions in California remain untouchable, at least for now, after a bankruptcy judge approved Stockton’s plan to repay its creditors Thursday without reducing the city’s pension obligations.

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LATimes: Stockton bankruptcy ruling will decide fate of public pensions

US Bankruptcy Court

By Marc Lifsher and Melody Petersen
October 29, 2014

In a closely watched case, a federal judge on Thursday is expected to decide whether the bankrupt city of Stockton can continue to pay employees generous pensions that soon could consume one-fifth of municipal revenues.

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The Sun: San Bernardino police union: Truce over

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 10/14/14, 11:39 PM PDT | Updated: 49 secs ago

The police officer association’s nearly yearlong truce with the city is over, the union’s attorney said Wednesday in a filing in U.S. Bankruptcy Court.

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Calpensions: Pensions still a puzzle in Stockton bankruptcy

Pieces to the Puzzle

By Ed Mendel
October 6, 2014

A federal judge ruled last week that Stockton’s CalPERS pensions can be cut in bankruptcy. But Stockton does not want to cut pensions, and the lone holdout creditor says it can be paid without cutting pensions.

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SacBee: Dan Walters: Bankruptcy judge lights fuse with Stockton pension ruling

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Thursday, Oct. 2, 2014 – 10:20 pm

It should have surprised no one that federal Bankruptcy Court Judge Christopher Klein declared that public employees’ pensions are not sacrosanct when their employers declare bankruptcy.

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Michael Hiltzik

Michael Hiltzik
October 2, 2014

The investment house Franklin Templeton’s effort to knock down the city of Stockton’s proposal to emerge from bankruptcy portrays the case as one in which Franklin is defending itself against three big, faceless adversaries.

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NYTimes: Bankruptcy Judge in California Challenges Sanctity of Pensions

US Bankruptcy Court

Stockton, Calif., faced a $1.6 billion termination fee from Calpers if it dropped out of the state pension system.

Restructuring & Bankruptcy
By Mary Williams Walsh
October 1, 2014 9:15 pmOctober 1, 2014 9:15 pm

A federal bankruptcy judge on Wednesday upended the widely held belief that public workers’ pensions have a special status in California that makes them impossible to cut, further chipping away at the idea that pensions are sacrosanct in a municipal bankruptcy.

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AP: Ruling lets bankrupt city cut pension benefits

judges-gavel

AP California News
Oct 2, 9:28 AM EDT

By DON THOMPSON
Associated Press

SACRAMENTO, Calif. (AP) — U.S. bankruptcy law allows the California city of Stockton to cut pension benefits because it can treat its obligations to the public retirement fund like other debts, a federal judge said in a ruling that could help clarify who gets paid first by financially strapped cities around the nation – pension funds or creditors.

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San Bernardino Seal

The City of San Bernardino may benefit from a recent ruling about paying pensions in the city of Stockton.

By Ryan Hagen, Press-Telegram
Posted: 10/01/14, 11:38 PM PDT |

A decision Wednesday by the judge at Stockton’s bankruptcy trial that allows bankrupt cities to treat the California Public Employees’ Retirement system like other debtors might open the door for other insolvent cities that could want to cut back on expensive pension obligations — including San Bernardino.

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The Sun: Detroit bankruptcy plan hearing shows contrast with San Bernardino

San Bernardino

Downtown San Bernardino. (File Photo)

By Ryan Hagen, The Sun
Posted: 09/20/14, 8:57 PM PDT | Updated: 58 secs ago

Hearings have begun on Detroit’s plan to exit bankruptcy, slightly more than a year after the distressed Motor City filed for bankruptcy — and at least six months before San Bernardino, which filed for bankruptcy a year before Detroit, expects to even come up with a plan.

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The Sun: Bankruptcy judge scales back San Bernardino’s proposed order

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 09/19/14, 4:12 PM PDT | Updated: 23 secs ago

RIVERSIDE >> U.S. Bankruptcy Judge Meredith Jury on Friday slightly dialed back the city’s declaration of victory at its previous hearing here, issuing a scaled-down order that still allows the city to reject its current contract with the firefighters union.

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Reuters: Bankrupt San Bernardino, California, can cut firefighter benefits, judge says

San Bernardino Seal

By Tim Reid
RIVERSIDE Calif. Thu Sep 11, 2014 7:51pm EDT

(Reuters) – The city of San Bernardino, California, may impose cuts to its firefighters overtime and pension benefits in a bid to reach a bankruptcy exit plan, the federal judge overseeing the case said on Thursday.

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The Sun: San Bernardino, police union reach contract deal

San Bernardino Seal

By Jim Steinberg, The Sun
Posted: 08/14/14, 8:29 PM PDT | Updated: 49 secs ago

SAN BERNARDINO >> The city and the San Bernardino Police Officers Association announced to U.S. Bankruptcy Judge Meredith Jury that they have reached a tentative long-term agreement, officials said.

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The PE: San Bernardino’s bankruptcy reaches two-year mark, quietly

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 07/31/14, 7:15 PM PDT |

SAN BERNARDINO >> At a certain age, people stop talking about birthdays, and so it is with the quiet second anniversary of the city’s filing for bankruptcy protection.

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Calpensions: Detroit-style pension cuts: could it happen here?

question-mark

By Ed Mendel
July 28, 2014

Bankrupt Detroit announced last week that current workers and retirees voted overwhelmingly to cut many pensions by 4.5 percent and to trim or eliminate cost-of-living adjustments.

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Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Monday, Jul. 14, 2014 – 12:00 am

Ever since Stockton filed for bankruptcy two years ago, Judge Christopher Klein has strongly hinted that he’s willing – perhaps even eager – to declare that city employee pension obligations are debts that could be trimmed along with those of more conventional creditors.

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The Sun: San Bernardino bankruptcy case creeps forward

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 07/10/14, 7:29 PM PDT |

RIVERSIDE >> San Bernardino’s bankruptcy case crept forward Thursday with the setting of deadlines related to the city’s issues with the police and fire unions as officials work to piece together a plan that will take it out of bankruptcy.

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US Bankruptcy Court

By Dale Kasler
dkasler@sacbee.com
Published: Tuesday, Jul. 8, 2014 – 11:03 pm
Last Modified: Wednesday, Jul. 9, 2014 – 7:32 am

Government pensions were once considered untouchable, ironclad, off limits even if the employer went bankrupt.

On Tuesday, a federal bankruptcy judge in Sacramento inched closer to changing all that. Commenting during a hearing on Stockton’s bankruptcy case, U.S. Bankruptcy Judge Christopher Klein suggested that employees and retirees could have their pensions reduced to facilitate the city’s financial reorganization.

Read the rest of this entry »

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 06/30/14, 9:17 PM PDT | Updated: 30 secs ago

SAN BERNARDINO >> The city passed its budget for the 2014-15 fiscal year Monday night, three hours before the year began.

The 5-2 vote — Councilmen John Valdivia and Benito Barrios opposing — came after warnings on one hand of disastrous effects in bankruptcy court if a full budget wasn’t passed by that deadline, and on the other of dire threats to the city from cuts contained in the budget.

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The Sun: Fire union accuses San Bernardino of ‘hiding’ money

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 06/28/14, 11:04 PM PDT | Updated: 1 min ago

SAN BERNARDINO >> The fire union continues to accuse the city of keeping $75 million “hidden in misleading or unmarked investment accounts” despite city officials’ position that the money was openly posted and legally can’t be used to prevent cuts to public services like the Fire Department.

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Calpensions: San Bernardino cuts deal to pay CalPERS debt

San Bernardino Sealcalpers

By Ed Mendel
Monday, June 23, 2014

Bankrupt San Bernardino announced an agreement with CalPERS last week to pay off an unprecedented pension debt owed for skipping payments to the pension fund for a year — $13.5 million, plus several million more in penalties and interest.

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The Sun: Bankruptcy court: San Bernardino close to deal with police

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 06/19/14, 8:09 PM PDT |

RIVERSIDE >> San Bernardino and police union officials think they’re within a month of an agreement, but the city is so far from progress with the firefighters union that a U.S. bankruptcy judge released that union from mediation Thursday.

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SacBee: CalPERS has interim agreement in San Bernardino bankruptcy case

San Bernardino Seal

By Dale Kasler
dkasler@sacbee.com
Published: Wednesday, Jun. 18, 2014 – 8:55 pm

CalPERS and bankrupt San Bernardino have reached an “interim agreement” that could head off a major legal battle over bankruptcy debts and the ironclad status of public pensions, the city reported.

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IEBusinessDaily: San Bernardino’s Future Rides on Bankruptcy Decision

Inland-Empire-Political-News-Political-Whispers

IE Business Daily

Saturday, June 14, 2014

Elections, Recalls, Charter Amendments, Labor Negotiations, and Pension Reform are all ideas bandied about in the effort to right the financial ship of the City of San Bernardino.

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Calpensions: Stockton bankruptcy judge may issue two rulings

Gavel-Legal

By Ed Mendel
Monday, June 9, 2014

Stockton filed a revised debt-cutting plan last week that could lead to a deal with a holdout creditor, Franklin bonds, possibly enabling the city to emerge from bankruptcy without cutting pensions.

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The Sun: CalPERS, San Bernardino agree to delay bankruptcy appeal

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 05/17/14, 10:10 PM PDT |

CalPERS has again agreed to push back its appeal of San Bernardino’s bankruptcy eligibility and cancel an August hearing in the 9th U.S. Circuit Court of Appeals, saying in a joint filing with the city that the delay is “critical to the success of the ongoing mediation.”

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SacBee: Dan Walters: Pensions back on the agenda in Stockton’s bankruptcy

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Thursday, May. 15, 2014 – 6:16 pm

From the onset of Stockton’s journey through bankruptcy, Judge Christopher Klein has implied, both through comments and rulings, that he sees it as a potential test of whether public employee pensions are debts that could be reduced.

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calpers

By Dale Kasler
dkasler@sacbee.com
Published: Wednesday, May. 14, 2014 – 10:50 pm

When the bankrupt city of Stockton unveiled its plan to reorganize its debts last fall, it spread the financial pain among a host of bondholders. CalPERS was spared, and a potentially bloody fight over the sanctity of pension benefits was avoided.

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The Sun: Mediation pace criticized in San Bernardino bankruptcy

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 05/08/14, 7:41 PM PDT |

RIVERSIDE >> Continued assurances from San Bernardino and CalPERS that mediation is going well, without further details, are threatening to wear out the patience of the city’s fire union, police union and perhaps the bankruptcy judge handling the case, it was reported in court Thursday.

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The Sun: CalPERS appeal of bankruptcy pushed back

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 04/21/14, 7:03 PM PDT |

Progress in confidential mediation between San Bernardino and the California Public Employees’ Retirement System is promising enough that an aggressive schedule for briefs in CalPERS’ appeal of the city’s bankruptcy has been pushed back.

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Calpensions: Pensions still cloud Stockton bankruptcy exit

Pension Reform

By Ed Mendel
Monday, April 21, 2014

With a new twist, Stockton’s plan to leave a huge pension debt untouched was still an issue last week as the city council, hoping to end a two-year bankruptcy, approved settlements for 95 percent of the claims.

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Calpensions: Vallejo bankrupt again? ‘We are not going there’

By Ed Mendel
Monday, March 17, 2014

The Vallejo city council last week voted to close a $5.2 million gap in the current budget, showing no alarm that in a five-year forecast the gap reopens, mainly driven by rising pension costs.

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The Sun: CalPERS can appeal San Bernardino bankruptcy eligibility

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 02/27/14, 8:12 PM PST |

San Bernardino’s largest creditor has permission from the 9th U.S. Circuit Court of Appeals to appeal a bankruptcy judge’s finding that the city is eligible for bankruptcy protection, raising the potential that the court could reverse the 2012 ruling that city officials then called vital for the city’s protection.

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SacBee: Moody’s warns bankrupt cities they must cut pension debts

Moody's Ratings

Capitol Alert
The latest on California politics and government
February 20, 2014

Moody’s Investors Services, a major bond rating house, warned Thursday that if bankrupt California cities don’t reduce their pension obligations, they risk returning to insolvency.

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The Sun: 2014 could be pivotal year for San Bernardino

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 12/31/13, 8:36 PM PST | Updated: 5 hrs ago

SAN BERNARDINO >> There’s a lot riding on 2014.

A new mayor will take office for the first time in eight years, along with at least two new members of a City Council that’s still shifting direction after a momentous November election. As supporters of both mayoral candidates say, that could either enable a renaissance or divert the bankrupt city toward even more problems, depending on what voters say in February.

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The PE: DETROIT: Bankruptcy ruling fuels speculation in San Bernardino

Cassie MacDuff

Cassie MacDuff

December 16, 2013; 05:47 PM

A Detroit judge’s ruling that public employee pensions can be modified just as other contracts can in bankruptcy sent shockwaves through San Bernardino.

To read column by Cassie MacDuff in The Press-Enterprise, click here.

The Sun: U.S. District judge certifies CalPERS appeal of San Bernardino bankruptcy

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 12/13/13, 12:04 PM PST |

LOS ANGELES >> U.S. District Judge Dolly Gee agreed Friday to let San Bernardino’s largest creditor appeal directly to the 9th Circuit Court of Appeals, opening another front in the battle between the city and the California Public Employees’ Retirement System.

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The Sun: San Bernardino, creditors cite progress on bankruptcy issues

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 12/10/13, 8:11 PM PST |

RIVERSIDE >> Progress in mediation, progress on fixing an unexpectedly thorny problem with retirement records, progress on producing financial documentation — all were reported in an unusually conflict-free hearing among the city and its creditors Tuesday in U.S. Bankruptcy Court.

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The Sun: Ruling in Detroit could affect San Bernardino bankruptcy case

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 12/08/13, 5:38 PM PST |

SAN BERNARDINO >> A Detroit bankruptcy judge’s decision that pensions can be cut in a bankruptcy case might increase the possibility that the same could be done here.

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pensions

By Ed Mendel
Monday, December 9, 2013

Following the city charter, a reluctant San Bernardino city council last week approved a police pay raise costing about $1 million, the second $1 million police salary increase since the city filed for bankruptcy last year.

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The PE: SAN BERNARDINO: Bankruptcy ruling could affect union pension agreements

Patrick Morris

San Bernardino Mayor Pat Morris / File Photo

December 03, 2013; 06:46 PM

A decision in Detroit’s bankruptcy case allowing pension benefits to be cut could have a major impact on San Bernardino’s attempts to get out of insolvency.

To read story by Imran Ghori in The Press-Enterprise, click here.

Dan Walters

Dan Walters

By Dan Walters
dwalters@sacbee.com
Published: Wednesday, Dec. 4, 2013 – 12:00 am

A legal showdown over pension obligations in municipal bankruptcies was averted in both Vallejo and Stockton, largely because officials in both chose not to make that fight.

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By Dale Kasler
dkasler@sacbee.com
Published: Tuesday, Dec. 3, 2013 – 9:13 am

It was a gold-plated promise: A career in government meant a safe and sound pension, no matter what.

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Calpensions: Would Stockton plan avoid Vallejo-like deficit?

By Ed Mendel
Mondaya, November 25, 2013

A federal judge last week set a hearing on approval of Stockton’s plan to exit bankruptcy for next March 5. But the hearing could turn into a multi-day trial if the city can’t cut a deal with the last holdout creditor, two Franklin bond funds.

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SacBee: CalPERS loses round in bankruptcy fight with San Bernardino

calpers

By Dale Kasler
dkasler@sacbee.com
Published: Sunday, Nov. 17, 2013 – 4:53 pm
Last Modified: Monday, Nov. 18, 2013 – 9:01 am

CalPERS suffered a setback in its fight with the city of San Bernardino, which owes the pension fund more than $14 million after filing for bankruptcy.

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The Sun: Judge dismisses CalPERS appeal of San Bernardino bankruptcy

San Bernardino Seal

By Ryan Hagen, The Sun
Posted: 11/15/13, 6:14 PM PST | Updated: 3 hrs ago

RIVERSIDE >> U.S. Bankruptcy Judge Meredith Jury on Friday dismissed CalPERS’ request that she certify the pension giant’s direct appeal to the 9th U.S. Circuit Court of Appeals, a decision that San Bernardino officials have said will save the city time and money in its already sprawling fight with CalPERS.

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