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5 comments

1 researchok  Sat, Oct 20, 2012 12:30:01am

Showdown at the CA Corral.

2 Amory Blaine  Sat, Oct 20, 2012 6:55:03am

Sounds like they need to pay their bills.

3 Dark_Falcon  Sat, Oct 20, 2012 8:22:34am

re: #1 researchok

Showdown at the CA Corral.

Calpers is asking for it by doing that. I'm sure by this point they've been handed the 'Order of Relief' (sometimes called an 'Automatic Stay') signed by the judge handling the city's bankruptcy case. That letter, a part of almost any bankruptcy, forbids the entity receiving it from trying to collect on debts owed to it by the entity that has filed for bankruptcy. Violating the Order is a very serious matter and can get the creditor fined or even cause the judge to discharge the debt owed to that creditor. Calpers' actions would seem to be in violation of any such Order of Relief.

4 Dark_Falcon  Sat, Oct 20, 2012 8:34:31am

re: #2 Amory Blaine

Sounds like they need to pay their bills.

The point of filing Chapter 9 in this case is that San Bernardino cannot pay them. It owes and/or will owe Calpers money it simply cannot raise. Therefore, Calpers must either negotiate a settlement that will see the monies owed to it cut to a level the city can afford or see what the judge says about this debt. Even then, Wall Street will have a say as well, since some Wall Street funds (including retirement funds) and firms either lent to San Bernardino or bought its bonds. There is no reason I can see to treat debt owed to Calpers as superior to debts owned to other institutions. Calpers should take its losses, the same as everyone else.

5 Big Joe  Sun, Oct 21, 2012 6:37:06pm

The big problem is because when the markets were rising and CalPERS was flush with money they told the cities, counties and probably state that they could defer their payments. The agencies took them up on the offer, then they spent the deferred money on projects. When the economy crashed in 2008 CalPERS asked for those deferred funds to be paid back, plus current payments. Agencies, with about 1/3 less revenue from taxes and fees, are in trouble.


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