Posts Tagged ‘ ALABAMA ’

MUNICIDE: Jefferson County Alabama Files Largest Municipal Bankruptcy in U.S. History

FRENCH_NUKE

By John Galt November 9, 2011 – 18:45 ET From Bloomberg: Jefferson County Files Biggest U.S. Municipal Bankruptcy By Steven Church, William Selway and Dawn McCarty – Nov 9, 2011 5:46 PM ET Jefferson County, Alabama, filed the biggest U.S. municipal bankruptcy after an agreement among elected officials and investors to refinance $3.1 billion in sewer bonds fell apart. The county, home to Birmingham, the state’s most-populous city, listed assets and debt of more than $1 billion in Chapter 9 papers filed today in U.S.…

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Municide Update: By the way, Jefferson County, AL Bankruptcy option is back on the table

PICKINGCOTTON

By John Galt November 9, 2011 – 06:25 ET With all the fun we’ve been having in the news, this blurb from Reuters went ignored by the mainstream media: Alabama’s Jefferson County again eyes bankruptcy filing So after all the “negotiating” and promises of working something out, the story that just won’t die until it goes to court is back. From the article: County commissioners are scheduled to vote on one of three ways to resolve the county’s soured sewer debt: accept a negotiated agreement…

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Good News! Jefferson County, Alabama Bankruptcy News will wait UNTIL AFTER the Market Close

Alabama-map-showing-Jefferson-County

By John Galt August 4, 2011 15:38 ET Think J.P. Morgan is relieved? Alabama county expects to delay bankruptcy vote Updated 8/4 22:15 ET: And they punted until August 12 at 9 a.m. Still no decision in JeffCo sewer crisis, another meeting set

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Jefferson County, AL punts decision on Bankruptcy until August 4

Alabama-map-showing-Jefferson-County

By John Galt July 28, 2011 Hilarious. Like they are going to win the Super Mega Irish Lotto this weekend and when $3.6 billion to solve their problems? Read the entire story at the link in the title below from the Wall Street Journal which just broke the story a little while ago: Strapped Alabama County Postpones Bankruptcy Meeting

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7/23 MUNICIDE ALERT: Largest Municipal Bankruptcy in History Could be filed next week

jeffcountyseal

By John Galt July 23, 2011 In February of 2008, I wrote about the threat of “Municide” to the municipal securities industry and those who invested in funds or depended on them for their income. It was not meant to be an idle warning or casual threat, but a realistic look at what will happen eventually as the real estate markets collapsed and the Federal government’s impotence would impact the entire market. From the original piece I stated: Unfortunately for all of us, the failure…

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