The Stockton Calif. City Council on Tuesday is expected to take its first step toward filing for bankruptcy in a dramatic move to remedy Stockton's crippling finances. If bankruptcy ultimately happens, Stockton would be the nation's largest city to fall into Chapter 9 protection, according to recordnet.
While city administrators remained silent on any plans, it became an open secret Wednesday. The Downtown Stockton Alliance board of directors in a public meeting discussed the city's bankruptcy timetable.
Also Wednesday, the San Joaquin and Calaveras counties Central Labor Council distributed an email, alerting its members that Stockton plans to begin the process at next week's council meeting. The email also invites its members to a meeting Monday to map their strategy for opposing bankruptcy. They won't be alone. Councilman Dale Fritchen said he's ready to mount an outright opposition because, he said, bankruptcy would cost the city millions in legal fees, drive down property values and discourage new businesses…..
http://www.recordnet.com/apps/pbcs.dll/article?AID=/20120223/A_NEWS/202230328/-1/a_news
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