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SAN FRANCISCO, Nov 4- When Stockton, California, filed for bankruptcy last year, the stage was set for a precedent-setting battle with Wall Street over whether bondholders or retired public employees should pay the price when a local government goes broke.
SAN FRANCISCO, Oct 14- Moody's Investors Service lowered the pension obligation bonds of Stockton, California, to' Ca' from' Caa3' on Monday and changed its outlook on them to negative from developing, citing how the city would treat the debt in its plan for exiting bankruptcy.
Under the terms of the agreement, Assured will take possession of a city building and receive the revenue it generates to service about $35 million in outstanding bonds that Stockton had sold to acquire it.
Sept 30- Detroit is poised to default on about $641 million of its general obligation bonds on Tuesday, an event that is likely to spur a legal challenge over Detroit's decision to take tax money earmarked for bond payments and apply it instead to city needs.
July 21- With more than $18 billion at stake in Detroit's restructuring, big law firms and other advisers are clamoring to represent the city's many creditors- including some advisers not exactly known for municipal work. David Dubrow, a lawyer at Arent Fox, confirmed on Saturday that he has been tapped by Ambac Financial Group.
Detroit has become a pariah of the muni world, but analysts are holding out hope that the nation's largest government bankruptcy isn't contagious.
June 30- Alabama's Jefferson County on Sunday filed a negotiated restructuring plan to wind up America's largest municipal bankruptcy and lock in losses of as much as 70 cents on the dollar for JPMorgan Chase and other Wall Street creditors.
June 17- Detroit's default and debt restructuring plan are precedent-setting in the U.S. municipal market, Moody's Investors Service said on Monday, because the city is looking to bondholders, as well as labor unions and pensioners, to share the pain.
Detroit said it would stop making some debt payments and asked creditors to accept pennies on the dollar to help it avoid the largest municipal bankruptcy filing in US history.
DETROIT, June 14- Detroit said on Friday it would stop making payments on some of its about $18.5 billion debt, which would put it in default, and the "insolvent" city called on most of its creditors to accept pennies on the dollar to help it avoid the largest municipal bankruptcy filing in U.S. history.
DETROIT, June 14- Detroit defaulted on some debt on Friday and proposed that creditors take a drastic cut in the money they are owed by the "insolvent" city in order to avoid the largest municipal bankruptcy filing in U.S. history.
DETROIT, June 14- Emergency manager Kevyn Orr said Detroit will stop making payments on some debt, including one scheduled on Friday, and proposed debt holders take a drastic cut in the money they are owed to stave off the largest municipal bankruptcy filing in U.S. history.
DETROIT, June 14- Detroit's creditors will begin to learn on Friday morning what they can recover without driving the financially troubled city into bankruptcy when the city's emergency manager unveils his restructuring plan.
There's a lot on the agenda as Detroit's emergency financial manager tries to meet a deadline to decide whether the city and escape a bankruptcy filing.
Investors are positioning for a rally in Assured Guaranty, which trades for barely half its book value.
NEW YORK, Oct 10- Flagstar Bancorp Inc had to know by 2009 that hundreds of loans it originated didn't meet underwriting guidelines when it sold $900 million in mortgage-backed securities to investors, a lawyer for a bond insurer said on Wednesday.
Ambac Financial Group, the bond insurer that last month won court approval to emerge from bankruptcy, has sued JPMorgan Chase to recover losses on mortgage securities that it insured and were made by the former Bear Stearns.
Billionaire investor Wilbur Ross told CNBC Tuesday he was not perturbed by last week's volatile market swings.
If there’s one takeaway from the banks’ first-quarter earnings this week, it’s got to be this: Mortgages are still a real problem.
Stocks ended higher as investors took heart from strong economic news and shrugged off disappointing quarterly results ahead of a big week of earnings. Merck and DuPont led the Dow higher, while BofA fell.