Comments on: Bondholders have cut the line http://blogs.reuters.com/muniland/2011/08/03/bondholders-have-pushed-ahead-of-others-in-line/ Bridges, budgets, bonds Mon, 24 Nov 2014 00:29:08 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Cate_Long http://blogs.reuters.com/muniland/2011/08/03/bondholders-have-pushed-ahead-of-others-in-line/comment-page-1/#comment-274 Thu, 04 Aug 2011 03:21:59 +0000 http://blogs.reuters.com/muniland/?p=2684#comment-274 Providence Journal: Central Falls bankruptcy a cautionary tale for R.I., state leaders say

http://www.projo.com/news/content/CF_POL ITICAL_REACTION_08-02-11_K0PGV39_v23.476 03.html

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By: Cate_Long http://blogs.reuters.com/muniland/2011/08/03/bondholders-have-pushed-ahead-of-others-in-line/comment-page-1/#comment-272 Wed, 03 Aug 2011 19:18:19 +0000 http://blogs.reuters.com/muniland/?p=2684#comment-272 The City of Central Falls, Rhode Island filed a Chapter 9 bankruptcy petition at 9:03 AM, August 1, 2011. The case is assigned bankruptcy number 11-13105. Chief Judge Sandra Lynch of the First Circuit Court of Appeals has designated Bankruptcy Judge Frank Bailey, of the District of Massachusetts, to preside over the case. Additional case filing information will be posted on this page as appropriate.

Link to bankruptcy proceedings:

http://www.rib.uscourts.gov/newhome/cent ral%20falls.asp

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By: Cate_Long http://blogs.reuters.com/muniland/2011/08/03/bondholders-have-pushed-ahead-of-others-in-line/comment-page-1/#comment-271 Wed, 03 Aug 2011 19:12:26 +0000 http://blogs.reuters.com/muniland/?p=2684#comment-271 Bodah added that it takes time for those being asked to make the sacrifices to evaluate their choices. He said he was not surprised that when given a yes-or-no offer July 19 and told to answer in 10 days, the retirees balked.

“People who were pondering the loss of about half of their pensions were given a relatively short time to say yes,” Bodah said.

http://www.projo.com/news/content/CF_FOL O_08-03-11_IEPHCPH_v37.54729.html

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By: Cate_Long http://blogs.reuters.com/muniland/2011/08/03/bondholders-have-pushed-ahead-of-others-in-line/comment-page-1/#comment-268 Wed, 03 Aug 2011 02:04:20 +0000 http://blogs.reuters.com/muniland/?p=2684#comment-268 The language passed by the Rhode Island General Assembly re priority of bond payments.

Act Relating to Cities and Towns – Providing Financial Stability, Chapter 24/27 of the Rhode Island Public Laws of 2010

g. § 45-12-1, as amended. grants a self-executing statutory lien on all ad valorem taxes and general fund revenues to secure the payment of all general obligation bonds and notes and other financing obligations of cities or towns.

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