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Hey PHEN Harrisburg cannot file bankruptcy state to make city pay big.

 
Anonymous Coward
User ID: 5088704
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11/23/2011 03:04 PM
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Hey PHEN Harrisburg cannot file bankruptcy state to make city pay big.
Just saw this on google news.
[link to www.google.com]

HARRISBURG, Pa. (AP) — A federal bankruptcy judge ruled Wednesday that Pennsylvania's debt-choked capital city of Harrisburg was barred by state law from seeking bankruptcy protection and dismissed its petition.

Federal bankruptcy Judge Mary D. France issued the ruling after hearing more than two hours of arguments by lawyers as to whether the bankruptcy petition that was filed by Harrisburg City Council could move forward despite the objections of the city's mayor, Pennsylvania Gov. Tom Corbett, Dauphin County, bond issuers and others.

A City Council member said the group will decide whether or not to appeal. In the meantime, the Corbett administration is moving to take over many of the city's financial operations in a bid to force it to pay down the debt.


The state senate recently passed a law that no Penn city can file bankruptcy. So now the city will be in control of the state legislature. Somehow I do not think that will work out will for the citizens of Harrisburg.
Anonymous Coward (OP)
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11/23/2011 03:12 PM
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Re: Hey PHEN Harrisburg cannot file bankruptcy state to make city pay big.
This could affect all cities. The Feds will make a city comply to codes. The state will add its new laws, a city to meet those obligations mandated by the laws will invest monies in new projects.
Then you TBTF banks like JPM will give you an unfair, for the city, loan. Your city will have to go in debt to pay for the mandated city upgrades. When you cannot pay you used to be able to claim bankruptcy and get new terms. Not any more.

This is the state enforcing your payments to the same banks than took massive payouts from the taxpayers and now you cannot even seek duress.

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