California Dreaming? CalPERS And San Bernardino’s Ch. 9

Law360, New York (December 21, 2012, 11:43 AM EST) -- California has seen a string of three Chapter 9 filings this year and faces a long line of distressed municipalities. Given this backdrop, the California Public Employees’ Retirement System (CalPERS) figures to play a prominent role in the resolution of many of these situations (in or out of bankruptcy). Thus, the bond‑buying public will scrutinize closely any steps that CalPERS takes to protect its claims in the Bankruptcy Court.

In late November, CalPERS filed a motion in the San Bernardino Chapter 9 bankruptcy, seeking to lift...
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