There has been much concern of late regarding the performance of municipal bonds and pending defaults. Some in the industry have gone as far as predicting the extent of the defaults and when they will likely occur. With the size of the U.S. municipal bond market nearing $3 trillion, and in light of the recent financial crisis and the debt ceiling debates, there is cause for concern. Read more…
Since 1934, when the first municipal legislation was enacted, Chapter 9 filings have been relatively rare and case law sparse. Over the past year, however, there have been a number of Chapter 9 filings, ranging from a municipality with a population of a little over 7,000 to the high-profile municipality listing $4.23 billion in liabilities. This article will review some of the most recent cases. Read more…