Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm News
City of Stockton Qualifies For Bankruptcy Protection
Author: Joel R. Glucksman
Date: April 11, 2013
Key Contacts
Back
A federal judge has ruled that the city of Stockton, California, is eligible for bankruptcy protection. Thus, the Chapter 9 bankruptcy case filed by the city will continue.
Stockton, which is home to some 300,000 residents, recently became the largest city in the United States to file for bankruptcy protection. The city joins fellow California city San Bernardino as one of a string of major U.S. municipalities to file for bankruptcy in recent months. Jefferson County, Alabama, has also made such a filing in the past year.
In his ruling, Bankruptcy Judge Christopher Klein stated that the reason he decided to allow the case to continue is that creditors who invested in the city neglected to take the 90-day mediation negotiations with Stockton seriously. Those same creditors, though, argued that the city also showed a lack of good faith in attempting to pay off its debt to the CalPERS pension system.
While Klein is allowing the bankruptcy to continue, he noted that one matter he will keep an eye on throughout the proceedings is how pensions will be affected.
“This does not mean there is not potentially a serious issue involving CalPERS,” Klein noted after his ruling on the case. “But at this point I do not know what that is.”
- Practices: Bankruptcy & Creditors' Rights, Corporate Transactions & Business, Bankruptcy Litigation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Bloomberg Law Podcast Discusses Shaquille O’Neil FTX Settlement With Ron Bienstock
Bloomberg Law Podcast Discusses Shaquille O’Neil FTX Settlement With Ron Bienstock Little Falls, NJ – June 24, 2025 – Scarinci & Hollenbeck, LLC Partner and Chair of the firm’s Intellectual Property and Entertainment & Media departments Ronald S. Bienstock recently joined the Bloomberg Law podcast to discuss Shaquille O’Neal settling a class-action lawsuit over his FTX endorsement. […]
Author: Scarinci Hollenbeck, LLC
Donald M. Pepe Leads Donation of Laptops to York Street Project
Scarinci Hollenbeck Partner Facilitates Donation of 43 Laptops to Jersey City Organization Little Falls, NJ – July 1, 2025 – Scarinci Hollenbeck, LLC is proud to recognize partner Donald M. Pepe’s dedication to the community by facilitating the donation of 43 new Dell laptops to the York Street Project. Don’s commitment and dedication to sourcing these […]
Author: Scarinci Hollenbeck, LLC
Feedspot Names Government & Law Blog One of the Top Public Law Blogs
FeedSpot Recognizes Donald Scarinci’s Government & Law Blog One of the Top 20 Public Law Blogs Little Falls, NJ – May 22, 2025 – Scarinci Hollenbeck, LLC is honored to share that Managing Partner Donald Scarinci’s Government & Law blog has been listed by FeedSpot.com as one of the “20 Best Public Law Blogs and […]
Author: Scarinci Hollenbeck, LLC
Scarinci Hollenbeck's Ron Bienstock Speaks at 100th Bomb Group's 2025 Reunion
SH Partner and 100th Bomb Group Foundation Legal Counsel Discussed The Nuremberg Trials and the Law May 21, 2025 – Little Falls, NJ – Scarinci & Hollenbeck, LLC is proud to share that partner Ronald S. “Ron” Bienstock recently spoke at the 100th Bomb Group Biennial Reunion, held May 15-18, 2025, in New Orleans. The […]
Author: Ronald S. Bienstock
FeedSpot Names Donald Scarinci’s Constitutional Law Reporter One of the Top 100 Legal Blogs
Little Falls, NJ – May 1, 2025 – Scarinci Hollenbeck, LLC is proud to share that Managing Partner Donald Scarinci’s Constitutional Law Reporter blog has been listed by FeedSpot.com as one of the “Top 100 Legal Blogs.” No Aspect of the advertisement has been approved by the Supreme Court. Feedspot, a content reader that curates websites of […]
Author: Donald Scarinci
FeedSpot Names Donald Scarinci’s Government & Law Blog One of the Top 80 New Jersey Blogs
Little Falls, NJ – May 1, 2025 – Scarinci Hollenbeck, LLC is proud to share that Managing Partner Donald Scarinci’s Government & Law blog has been listed by FeedSpot.com as one of the “80 Best New Jersey Blogs and Websites in 2025.” *No Aspect of the advertisement has been approved by the Supreme Court of New […]
Author: Donald Scarinci
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.