Stockton creditor: City playing favorites in its bankruptcy plans
A bond insurer irked by Stockton's bankruptcy plans said today that the city's employees and other creditors aren't being asked to play an equal role to help straighten out the city's finances.
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#1 Aug 2, 2012
When the bond rating for Stockton becomes junk and the interest rate to borrow is 10% plus then Stockton might figure out this was not a good move.
Good luck on any city tring to sell municiple bonds in this economy but a city taking bankruptcy and shafting individual creditors over other creditors and groups will feel the pain down the line.
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