“There are a whole lot of unions that will be jumping in on this one”
Not much they can do about it save appeal it up the chain. Bankruptcy law under Chapter 9 is crystal clear, however so they will lose. It’d take an act of Congress to change this and I doubt even Beohner will lift a finger to help out the public sector union leeches in California.
L
Hang on there. I've been involved in a very large corporate BK in Kali and we had a Reagan-appointed judge properly award us the verdict we were looking for, only to be reversed by the ultra-liberal Bankruptcy Appeals Board (BAP) on appeal.
You never know what might happen with the idiots on the BAP.
Is it legal for a municipality to run up a debt so large that it will be passed on to one or two more generations? Isn’t that the ultimate form of taxation without representation, when children who cannot vote are forced to pay the debt incurred by their parents?