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In Stockton bankruptcy case, the target is the working class
In Stockton bankruptcy case, the target is the working class

The investment house Franklin Templeton's effort to knock down the city of Stockton's proposal to emerge from bankruptcy portrays the case as one in which Franklin is defending itself against three big, faceless adversaries. These are CalPERS, California's enormous public pension agency, and "the City and its organized labor allies." Franklin objects that they're angling to preserve their preferential position in the bankruptcy reorganization, while cramming down big losses on Franklin, which holds more than $36 million in city debt, of which some $32 million is unsecured. The city proposes to pay Franklin about 1 cent on the dollar for that unsecured portion....

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