"State Bankruptcy has Few Fans among Turnaround Professionals"
Bankruptcy Court Decisions | Feb 22, 2011
Article discusses TMA survey findings in which 70 percent of respondents disapprove establishing a bankruptcy law for states with underfunded pension liabilities.
“Allowing states to file bankruptcy to eliminate similar legacy issues that have plagued some major corporations forced to file bankruptcy in recent years will just shift the burden of these liabilities from the states to the federal government without ever addressing the underlying problems.”
Mark S. Indelicato, Hahn & Hessen LLP, quoted as TMA President
“The hard political choices of cutting services or raising taxes still need to be made regardless of whether a Chapter 9 proceeding is initiated.”
Patrick C. Lagrange, Carl Marks Advisory Group LLC, quoted as immediate past TMA chairman
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