Steve Cramer said three weeks, but he's nuts so who knows. It will probably turn out that the company employed every stalling tactic in the books hoping they could arrange either a sale, an influx of the bucks California owes it or a bailout. None materialized, so they rolled the dice and lost.
I guess we'll see.
I agree with your comments completely. This was a time buying scheme. It didn't work out. And the play will cost some dearly. But it appears not the administration. Thus the sequey to populist demogoguery by Waxman et al. That is a leading indicator if there ever was one.