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San Bernardino, Bondholders Trade Jabs in Court

A few of San Bernardino’s biggest creditors admitted in court on Wednesday that they are doing everything they can to prevent the city from going through with its current bankruptcy plan – which involves paying CalPERS in full, but shorting other bondholders. The creditors argued that all creditors – including CalPERS – should be treated with ...
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San Bernardino Bankruptcy Plan Will Impair Bondholders, Not Pensions, Says City Lawyer

The attorney for the bankrupt California city of San Bernardino on Thursday said that pensions would not be altered in the course of the city’s bankruptcy. The statement was important, because it was the first official word from the city that pensioners would be given much higher priority than its bondholders. Observers are watching San Bernardino ...
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San Bernardino Sued By Creditor For Favoring Pension System During Bankruptcy

The bankrupt city of San Bernardino, California has been sued by one of its bondholders for favoring pensioners over creditors during its bankruptcy. San Bernardino has largely kept up with its payments to CalPERS. But the lawsuit claims the city has not extended equal favor to its bondholders. From BusinessWeek: Pension-bond holder Erste Europaische ...
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Major Creditor Comes Out Against San Bernardino Bankruptcy Plan That Fully Pays CalPERS

A major creditor of bankrupt San Bernardino told Reuters Thursday that it would oppose a bankruptcy plan that mandates the city keep paying CalPERS in full. San Bernardino’s current plan doesn’t disrupt payments to CalPERS and keeps pensions intact. The creditor has not been identified. From Reuters: A major capital markets creditor of bankrupt ...
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Moody’s: Stockton Ruling Good News For “Financial Profile” of CalPERS

Moody’s released a report Wednesday outlining the credit agency’s thoughts on CalPERS in the wake of the Stockton ruling. The agency affirmed CalPERS’ rating of Aa2, which is the third-highest rating available. From the report: Favorable outcomes for CalPERS in the Stockton, CA and San Bernardino, CA bankruptcy proceedings lend further support ...
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San Bernardino Sets Aside $10.6 Million To Repay CalPERS

When San Bernardino went bankrupt, it stopped paying its creditors, including its biggest one: CalPERS. It suspended pension payments to the country’s biggest retirement system for a full year – those payments totaled $13.6 million. Now, the debts have come due: San Bernardino will set aside $10.6 million from its budget this fiscal year to pay ...
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