Insurer Rails Against Stockton's Request For $100M Writedown

Law360, New York (August 1, 2012, 6:08 PM EDT) -- Assured Guaranty Ltd. said Wednesday that bankrupt Stockton, Calif., is unfairly targeting the municipal bond insurer by asking it to take a $100 million loss on the city's Assured-backed pension bonds rather than tackle pension reform.

Stockton, the largest municipality ever to file for bankruptcy in the U.S., proposed to eliminate all of the city's general fund debt payment related to the pension bonds, which would mean an 83 percent cut in payments on the $121 million in remaining pension bond principal, Assured said in a...
To view the full article, register now.

Related

Sections

Case Information

Case Title

City of Stockton, California


Case Number

2:12-bk-32118

Court

California Eastern

Nature of Suit

Date Filed

June 28, 2012

Law Firms

Companies

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.