I'd bring the whalers to Hartford, if it wasn't so far inland ...
Posted on 05/11/2017 4:12:00 AM PDT by MarchonDC09122009
Hartford Moves Closer to Bankruptcy, Soliciting Proposals From Law Firms - Courant Community
http://www.courant.com/community/hartford/hc-hartford-bankruptcy-lawyer-20170509-story.html
Courant Community Hartford Hartford Moves Closer to Bankruptcy, Soliciting Proposals From Law Firms
Hartford Mayor Luke Bronin answers questions from the public about the 2017-18 city budget. Bronin stood his ground with different agencies trying to keep funding for their interests.
City leaders have taken a step toward bankruptcy, soliciting proposals from law firms that specialize in Chapter 9, which protects financially strapped municipalities.
The city is reviewing several firms and could hire an attorney as early as this week, sources with knowledge of the plans said.
Mayor Luke Bronin has hinted for months that Hartford could file for bankruptcy, and said during his budget release in April that he was "not in a position to rule anything out."
He confirmed Tuesday that the city was looking at firms.
"We have not engaged bankruptcy counsel, but we have had initial conversations with firms that have experience in Chapter 9 and municipal restructuring," Bronin said. "Given the uncertainty of the state budget process and the depth of the state budget crisis, it shouldn't surprise anyone that we might engage counsel in the near future."
Hartford faces a $65 million deficit next year and a $14 million shortfall this year. Bronin has proposed cuts and concessions from the unions, but is still seeking $40 million in additional state aid to close next year's budget gap. The city resorted to short-term borrowing to cover costs such as payroll payments this year.
Council President Thomas "TJ" Clarke II, who was briefed by Bronin on the prospect of hiring a bankruptcy lawyer, called the move premature.
"I was told it was possible that a decision would be made before the end of this week," Clarke said Tuesday. "It's premature. We haven't exhausted every option and every avenue for us to go down this road."
Bronin has stressed that the state must be a partner in pulling Hartford from the brink of financial ruin, noting that more than half of the city's properties are tax-exempt and that Hartford has limited options for revenue. But the state has its own problems, with a more than $2 billion budget gap estimated for next year. It is unclear whether there is support in the General Assembly for bailing out Hartford.
"We've made clear for more than a year that Hartford's fiscal challenge cannot be responsibly solved at the local level alone with the tools that we have," Bronin said, "and we continue to push hard to build a new partnership with the state of Connecticut to put our capital city on a path to solvency, stability and growth."
Talk of bankruptcy has fanned tensions between the mayor and city council. Several council members said they are against the approach, and have advocated for alternatives, such as taxes on nonprofits or the consolidation of services with Hartford's board of education. Clarke on Monday suggested a citywide hiring freeze, though new police officers and firefighters would be exempt.
Lawmakers from Hartford met with council members at the state's Legislative Office Building Tuesday to discuss the city's dire outlook.
Councilwoman Cynthia Jennings asked for a review of how bankruptcy would affect the region.
"We don't need a summary or a study," House Majority Leader Matthew Ritter, D-Hartford, replied. "Hartford going bankrupt would be the most catastrophic financial thing that ever happened in the state of Connecticut."
Ritter said legislators are trying to rally support for Hartford.
"We will try everything in our power to hit the $40 million target," he said. "It keeps us up at night as much as it keeps you up at night and going bankrupt … would be terrible for the city. It would be terrible for the state. It's not something that any of us want to see and we're going to work very hard to make sure it doesn't happen."
Asked about the bankruptcy attorney, Ritter said: "Our goal is to make sure these lawyers never come to Hartford or bill an hour on behalf of the city of Hartford, and that the services they provide would be unnecessary."
Clarke said that if the city proceeds with legal representation, the council will look to hire its own lawyer. A key question members want answered is whether the mayor must get the council's approval to file for bankruptcy.
The state statute covering municipal bankruptcy says that a city or town must receive consent from the governor, and that the governor "shall submit a report to the treasurer and the joint standing committee of the general assembly." It doesn't specify whether a mayor needs the council's approval.
Hartford wouldn't be the first city in Connecticut to seek Chapter 9 protection. Bridgeport filed for bankruptcy in 1991, but a federal judge dismissed the petition, saying the city was capable of paying its bills.
Other cities that have filed include Detroit, Stockton and San Bernardino, Calif., and nearby Central Falls, R.I. Privacy Policy Copyright © 2017, Courant Community
I'd bring the whalers to Hartford, if it wasn't so far inland ...
My Nutmegger ancestors are spinning.
Aetna is thinking of moving.
Will gut the state
What is a Yard Goat?
That’s a great graphic, Flick.
It puts most of my Post #37 into a plain, easy to understand, picture graphic.
Some “sanctuary”
Funny man - Arrr
Witty comment and Moby Dick post!
The fool voter of the Constipation State who put the communist governor, legislators, mayors, city councilors, etc., into office are about pay a heavy price for allowing those morons to kill the goose that laid the golden eggs.
Hahaha. LIB-run communities all are on shaky ground in many ways. However, the LIB idiot voters love the LIB way. May they harvest their crop. Hahaha.
Fools and their money are soon parted...
William F Buckley once told us at his 1994 Hartford book signing the following:
“As a life long resident of Connecticut, I’ve come to the conclusion that the state is politically retarded”.
He was right.
Related - Aetna employs 5000 employs in Hartford...
City Shaken By Suggestion That Aetna Might Move Headquarters
www.courant.com/business/hc-aetna-boston-hartford-effect-20170203-story.html
Feb 5, 2017 ... HARTFORD — Aetna Inc., headquartered in Hartford since 1853 and nearly inseparable from the city’s ide.
Will Aetna follow GE to Boston? | WTNH Connecticut News
www.wtnh.com/2017/01/31/will-aetna-follow-ge-to-boston/
Jan 31, 2017 ... Could another Connecticut corporate giant be eyeing a move to Boston? Aetna, which ... Another company threatening to leave Connecticut?
RE: “The fool voter of the Constipation State who put the communist governor, legislators, mayors, city councilors, etc., into office are about pay a heavy price for allowing those morons to kill the goose that laid the golden eggs.”
If they had any brains forget Boston, Detroit baby, it’s on the rebound...
What are you saying, dat the hedge fund managers went to a Tax Free Republican State and gave themselves a raise and didn't have to shovel all dat snow, or they like the 2nd Amendment as well and could get a firearm without a Malloy r**tal exam?
“We haven’t exhausted every option and every avenue for us to go down this road.”
Translation: “We’re looking into new ways to “kick the can down the road” without asking our overpaid, unionized city employees ( most notably, the Cops and the FFs) to take a pension and benefit haircut. Pogo is alive and well in Hartford
A Yard Goat is a minor league baseball team that eats two million dollars a year of city money:
http://www.fieldofschemes.com/category/minor-leagues/hartford-yard-goats/
The largest private employer in Hartford is Travelers Insurance, and several years ago they merged with St. Paul with headquarters in MN. While my sources tell me there was a grandfather clause that saved Hartford workers for some period of time, there will come a day when the offices in Hartford are closed.
Count on it.
Then you can start agriculture downtown as the highest and best use of the real estate.
Maybe the Left will double down and take the Soviet approach and just outright seize/confiscate assets. They could really do this by creating obscure provisions in the law/administrative code and with the complicity of judges that are willing to use “discretion” in interpreting the regulations. We could see a replay of Dr. Zhivago.
Of course that only works just as long the assets remain, a few elections cycles perhaps.
Ritter said legislators are trying to rally support for Hartford.
“We will try everything in our power to hit the $40 million target,” he said. “It keeps us up at night as much as it keeps you up at night and going bankrupt … would be terrible for the city. It would be terrible for the state. It’s not something that any of us want to see and we’re going to work very hard to make sure it doesn’t happen.”
Seems to me that everyone is a day late and a dollar short here. But then the’ve got so “adept” at finding “last minute ways” to salvage these financial crises that they think they can continue to do so forever. I think we need to be looking forward to municipal bankruptcies increasing on Trump’s watch and the local RATs attempting to get the Trump Fed Gov to cover their losses.
I totally agree. I grew up in central Ct. In the 60’s. It was a truly beautiful state with outstanding public education. I was back for a reunion a few years ago, and I couldn’t believe the deterioration at every level! My old classmates were complaining that our town couldn’t economically support a chain grocery store; and they had to drive 10 to 15 miles to Middletown just to shop for groceries! Sad....
Better raise the price of the Yard Goat tickets
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.