Judge to Rule on San Bernardino Bankruptcy, Pensions LoomAugust 25, 2013 – In The News
Michael Sweet was quoted in the Reuters article "Judge to Rule on San Bernardino Bankruptcy, Pensions Loom." While the full text can be found in the August 25, 2013, issue of Reuters, a synopsis is noted below.
The city of San Bernardino is expected to learn on Wednesday whether it is eligible for bankruptcy protection despite opposition from California’s public pension system. The San Bernardino case could serve as a precursor for the city of Detroit, as it awaits a ruling on its own bankruptcy eligibility.
“There is a real parallel between San Bernardino and Detroit,” said Michael Sweet. “Both cities have shown an appetite to take the pension issue head-on. If the judge rules San Bernardino eligible for bankruptcy, it opens the way for the city to propose a plan that could impair Calpers – which could put this little city ahead of what is happening in Detroit.”