Stockton Bankruptcy — A Battle With No Winners?

Law360, New York (July 16, 2013, 5:34 PM EDT) -- About an hour outside of San Francisco, centered in Stockton, Calif., the stage is set for a monumental battle between municipal bondholders and the California Public Employees' Retirement System.

On July 28, 2012, due in large part to its staggering pension obligations, the city of Stockton filed its voluntary Chapter 9 petition in the U.S. Bankruptcy Court for the Eastern District of California. Nearly a year later, on April 1, 2013, over the strong objections of its municipal bondholder creditors, U.S. Bankruptcy Judge Christopher Klein ruled...
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