so when i specifically say i don't want these retirees to feel any pain, you take away that i'm in favor of screwing the common man.... mmmk... that makes perfect sense.
it's true, the LP is way behind hte Democratic party on hte scoreboard.
y'all have lots of presidential wins... we got none.
y'all have lots of elected office wins at every level of government.. we have very little in comparison.
and of course, y'all have utterly ruined a major US city... we haven't.
congratulations on your accomplishments!
This is who will (should) decide if the bankruptcy filing is going to proceed. If he decides it cannot, the city can appeal.
I worked in a legal department as a Bankruptcy Specialist for 11 years. Though I was not a lawyer, I did serve to represent various creditors interests after Bankruptcy plans were approved and proceeding through restructure/trustee payments. I thought I would share a bit of Chapter 9 Bankruptcy law regarding union employees and pensioners:
The city is not required to rejecting collective bargaining agreements in section 1113 of the Bankruptcy Code, (collective bargaining with the union) it is not applicable in Chapter 9. The city only needs to prove that the collective bargaining agreement burdens the estate, after scrutiny the equities balance in favor of contract rejection, and that reasonable efforts to negotiate a voluntary modification have been made and are not likely to produce a timely and satisfactory solution.
On pensions: Some in the legal profession consider pensions as secured, but the majority view is that pensions and general obligation bonds fall under the definition of general unsecured claims in a Chapter 9 bankruptcy. So this is up in the air.
As far as unions go... no comment.
Last edited by HelplessHoping; 07-20-13 at 11:33 AM. Reason: grammar corrections
It is the mark of an educated mind to be able to entertain a thought without accepting it.
Greek critic, philosopher, physicist, & zoologist (384 BC - 322 BC)