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On September 12, 2012, CalPERS' general counsel released a
public statement setting forth CalPERS'
legal position on the limitations of the power of the
bankruptcy courts to interfere with the relationship between the
state of California and its municipalities regarding the payment of
retirement and other benefits to state employees.
Pensions and other benefits remain at the forefront of the
municipal financial crisis in California, and it appears that
CalPERS may be setting the stage for forthcoming legal battles in
the Stockton case, and perhaps others. CalPERS has previously
proudly boasted that Vallejo
did not take CalPERS on with respect to pension benefits, but only
healthcare retiree benefits.
For months,
commentators have predicted a looming constitutional battle
over pension benefits. The acuteness of the pension crisis was made
plain in a Stanford
Institute for Economic Policy Research Report, published
earlier this year, which concluded that aggregate pension costs
have expanded at a rate of 11.4% per year and pension expenditures
represent 10.1% of total municipal spending.
Whether Stockton, San Bernardino or another municipality will
undertake a war of attrition against CalPERS over pension benefits
remains to be seen.
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"Whether one is baking a cake, building a house, or recording a mortgage, sometimes even the slightest deviation from the directions can lead to catastrophe.
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In Morning Mist Holdings Limited v. Krys (In re Fairfield Sentry Limited), Case No. 11-4376, 2013 WL 1593348 (2d Cir. April 16, 2013), the United States Court of Appeals for the Second Circuit (the "Second Circuit") held that the relevant point in time for determining where the "center of main interests" ("COMI") of a debtor under chapter 15 of the United States Bankruptcy Code, 11 U.S.C. § 101 et seq. (the "Bankruptcy Code"), lies is the commencement of the case under chapter, and also held tha
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