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Detroit's "Fiscal Cliff" and Michigan's Response

Detroit’s increasingly distressed financial condition has created a dynamic and rapidly evolving situation where the potential of a Chapter 9 filing appears to be the subject of renewed discussion and legislative attention. ...more

Pennsylvania Legislature Restores Jurisdiction of Act 47 over Interest Arbitration Awards

Governor Corbett last week signed SB 1321, which requires that Act 111 interest arbitration awards comply with a municipality’s Financial Recovery Plan under the Municipalities Financial Recovery Act (Act 47). The law becomes...more

Governor Corbett Signs into Law an Amendment to Act 47 Concerning Distressed Municipalities in Pennsylvania

On July 5, 2012, Governor Tom Corbett signed into law Senate Bill No. 1321, designated as Act 133 of 2012 ("Act 133"), which amends the Municipalities Financial Recovery Act, P.L. 246, No. 47, as amended ("Act 47"), to (i)...more

California Enacts Controversial Municipal Bankruptcy Law: Assembly Bill 506

A years-long political duel over whether California should control local government bankruptcies was resolved on October 9, 2011. Chapter 9 of the Bankruptcy Code provides specifically for the reorganization of cities and...more

The Other Side of State Bankruptcies

Former House Speaker Newt Gingrich is all for having legislation that allows states to file for bankruptcy protection. Gingrich says that doing so would free state governments from their crippling debts and allow them to...more

New Jersey Governor Criticized over Bankruptcy Remark

On the same day as the state of New Jersey offered a bond offering, its governor Chris Christie made a remark that rising healthcare costs might ‘bankrupt’ the state. Governor Christie was soundly criticized for his remark...more

Stern Call to Prevent Major Bankruptcies

The nation's top three finance officers lobbied before the House Financial Services Committee for more stringent regulatory measures over financial markets to prevent any more major bankruptcies like Lehman Brothers. Treasury...more

Indiana State Police Pension Trust v. Chrysler LLC

Motion For Leave To File Brief and Brief of Washington Legal Foundation, Allied Educational Foundation, The CATO Institute, et al...

In January 2009, Chrysler stood on the brink of insolvency. Purporting to act under the Emergency Economic Stabilization Act, the Treasury extended Chrysler a $4 billion loan using funds from the Troubled Asset Relief Program...more

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