Case Study: Jefferson County

Law360, New York (January 23, 2012, 2:30 PM EST) -- Bankruptcy Judge Thomas Bennett began the New Year with a bang — issuing a 57-page decision in the Chapter 9 case of Jefferson County, Ala. This ruling may prove to be one of the most important decisions of the year in one of the "hottest" anticipated areas of bankruptcy law: distressed municipalities.

Pending before the court was a request by a state court-appointed receiver to recover oversight of the county's sewer system granted to him prepetition, as well as money collected from the system to pay...
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