Bankruptcy

LOS ANGELES — A Los Angeles County district attorney's office spokeswoman confirmed that prosecutors launched an inquiry in November into an ethics complaint made by a private citizen against county assessor John Noguez.

Cook County Commissioner and former Chicago Alderman William Beavers was indicted last week on three counts of filing false income tax returns and one count of endeavoring to obstruct and impede the Internal Revenue Service.

Stockton, Calif.'s announcement that it may cease general fund payments toward debt service on hundreds of millions of dollars in bonds, and take initial steps towards bankruptcy, is still shaking out in the market.

CHICAGO — The St. Paul Port Authority is set to issue a tender invitation in April to holders of the remaining $51.7 million of defaulted industrial revenue bonds as agreed to under a class action settlement aimed at resolving five-year-old litigation over the troubled 876 Bond Fund.

The attorney representing Harrisburg, Pa.'s City Council in its bankruptcy filing has filed another appeal of the rejection of its Chapter 9 case.

Stockton, Calif., City Council members will be asked Tuesday to stop making general fund payments toward several bond issues and to take the first step toward a Chapter 9 bankruptcy filing, according to a disclosure statement filed Friday on the MSRB's EMMA website.

Three Harrisburg citizens, including a former mayoral candidate, have requested a federal court to impose an emergency temporary injunction to halt the state-appointed receiver in Pennsylvania's capital city from implementing a financial recovery plan.

Attorneys representing a group of Texas parents filed the fifth in a series of lawsuits Friday seeking to have the state's public education system declared unconstitutional.

WASHINGTON — A Fluvanna County, Va., circuit court judge on Thursday dismissed the lawsuit the county's Board of Supervisors had filed against their former financial advisor, Davenport & Co., after agreeing with the firm that the court could not decide the case under the state constitution's separation of powers doctrine.

Two moves to block San Diego’s comprehensive pension-reform initiative from going to the voters were rejected this week by Superior Court judges, according to city attorney Jan Goldsmith.

The Stockton City Council on Tuesday is expected to take what would be an initial step toward bankruptcy, according to published reports.

Fluvanna County, Va.'s Board of Supervisors and its former financial advisor, Davenport & Co., present two different versions of the December 2008 bond financing for a new high school in documents filed in connection with the board's lawsuit against the firm.

Moody’s Investors Service last week said it continues to review Jefferson County’s ratings for possible downgrade. They were placed under review after the county filed for Chapter 9 bankruptcy in November.

A Financial Industry Regulatory Authority arbitration panel ordered Memphis-based Morgan Keegan & Co. to pay a Birmingham investor $1.95 million for misrepresenting that the Jefferson County, Ala., sewer bonds he purchased were safe, liquid and tax-free investments.

Fluvanna County, Va., and Davenport & Co., its financial advisor for 15 years, are battling each other in a circuit county court over whether the firm misled the county about $67.5 million of bonds sold in December 2008 to finance construction of a new high school.

BRADENTON, Fla. — Jefferson County, Ala., on Friday filed a notice of cross appeal and said that it may challenge a bankruptcy judge's ruling that allows sewer revenues to be used for debt service payments.

LOS ANGELES -The motto of the Las Vegas Monorail must be, "If at first you don't succeed, try, try, try - and try again," after submitting its fourth amended plan to exit bankruptcy.

As Michigan officials near their deadline for deciding the future of Detroit, a new report suggests that one of the more dramatic options on the table — a Chapter 9 bankruptcy — doesn't offer a panacea to the city's deep-seated financial problems.

State Sen. Patrick Anderson, R-Enid, said last week he expects a lawsuit over the Oklahoma Council of Bond Oversight’s decision to approve $26 million of state lease revenue bonds for a dam project in Tulsa.

Investors holding $3.14 billion of Jefferson County, Ala.'s sewer warrants should continue to see uninterrupted debt-service payments over the next few months thanks to an interim agreement approved by the county's bankruptcy judge this week.