There's a lot of fools out there.
After what happened with GM bond holders and the Illinois state constitution, any bond holder should know that his place in the repayment line is subject to change. And his repayment is always subservient to the teachers union getting their full pensions. It’s the law in Illinois. No matter what deal they cut. The Union can always override it.
So I am not sure why this is debt is not junk right off the bat.