A federal judge has ruled the city of Stockton’s bankruptcy plan will continue as planned, rejecting an appeal by a Bay Area investment firm.
Instead of classes being held today at the Anthem College campus in Ranch Cordova, students met with representatives from the Department of Consumer Affairs to try and figure out what’s next.
An attorney for the largest city in California to seek bankruptcy protection told a judge it has tried to reach a deal with its last major creditor, but the company is not budging.
The owner of Hot Dog on a Stick has filed for bankruptcy protection. HDOS Enterprises says its total debt ranges from $1 million to $10 million and it estimates assets between $10 million and $50 million.
Stockton City Councilwoman Kathy Miller says the city never tried cutting its police, fire and other public employee pensions, because the legal fight would be too risky.
Stockton’s pay is comparable, with the average salary more than some neighboring cities, but less than the California Highway Patrol.
Measure A would increase Stockton’s sales tax to 9 percent. Measure B would tell city leaders to spend 65 percent of that new revenue on law enforcement, and 35 percent on getting out of bankruptcy.
A new iPhone app is currently being beta tested that would allow people to report pictures of graffiti, broken glass, or litter around town.
The Stockton City Council is outlining its plan for the city to emerge from Chapter 9 bankruptcy, while it wonders why it’s not getting the same assistance from the federal government as Detroit.
According to Experian, Sacramento’s business bankruptcy rate is the highest in the nation as 2.41 percent of all entrepreneurs go belly up. That’s a figure you’d expect during the 2008 recession, but why are there so many five years later?
Stockton’s financial problems are no secret, and now the state controller has released a report detailing what went wrong and why.
The largest city in the nation to file for Chapter 9 protection is making some notable changes to clean up its financial mess. Most agree more must be done to make sure the city doesn’t make the same money-management mistakes.