Bankruptcy

BRADENTON, Fla. - The first-ever statewide PACE program, which already has $2 billion of validated bonding capacity from a Florida court, is on an aggressive track toward implementation with the selection of nationally recognized financial advisors.

SAN FRANCISCO - After trailing in election-night counts, a sales tax measure in Vallejo, Calif., meant to help the beleaguered city restore services has mounted a comeback in late vote tallies to take a slim lead with ballots left to be counted.

WASHINGTON - UBS Financial Services Inc. was fined $300,000 by the Financial Industry Regulatory Authority for failing to supervise and prevent excessive cross-trading of municipal securities between the customer accounts of one broker for a two-year period.

BRADENTON, Fla. - Assured Guaranty Ltd. said Tuesday that it will reconsider insuring the bonds of municipalities and states that don't have a process to review and approve local bankruptcy petitions, citing Alabama as a primary example.

East Providence has joined Central Falls as a Rhode Island municipality under state oversight.

While Pennsylvania officials prepared to implement a takeover of Harrisburg after a deadline passed for the city to submit a recovery plan, another domino fell in the capital city.

The attorney representing the Harrisburg City Council in its bankruptcy filing is asking the Internal Revenue Service and the Securities and Exchange Commission to investigate the financing of the incinerator renovation project that left Pennsylvania's capital city with $310 million of bond debt and on the cusp of a state takeover.

WASHINGTON - In the first decision of its kind stemming from class action litigation over the collapse of the auction-rate securities market, a federal appeals court panel in New York ruled Monday that Merrill Lynch & Co. had adequately disclosed to customers that it was preventing auctions from failing.

The Royal Bank of Scotland has withdrawn from three suits against municipal bond insurer MBIA Inc.

BRADENTON, Fla. - Since Jefferson County, Ala., filed the county's largest municipal bankruptcy in history last week, attention has largely focused on the county's $3.14 billion of nonrecourse sewer system debt.

BRADENTON, Fla. — Standard & Poor’s on Friday slashed the rating on Jefferson County’s sole investment-grade credit to junk in response to the government’s filing for bankruptcy.

Even with the market closed for Veteran's Day, the Jefferson County, Ala., bankruptcy filing still weighed on the minds of muni market participants as they examined its effects on the broader market.

Alabama issuers should not see their ratings lowered by the Jefferson County bankruptcy action, but investor perception could take its toll on future issues.

California's redevelopment agencies may be closer to death's door than previously thought after a state Supreme Court hearing on Thursday.

The Municipal Securities Rulemaking Board has referred unregistered municipal advisors to the Securities and Exchange Commission for investigation and possible enforcement action, the board said Thursday.

The Financial Industry Regulatory Authority has fined Morgan Stanley $1 million and ordered it to pay $371,476 in restitution to customers for excessive markups and markdowns on municipal and corporate bonds.

The bond insurer for Harrisburg, Pa.'s troubled incinerator renovation project has rejected a request from the city to forgive $100 million of debt.

Retail reaction to the announcement late Wednesday that Jefferson County, Ala., filed the largest municipal bankruptcy in U.S. history is likely to be muted, yet will still be closely monitored, portfolio managers say.

Voters in Vallejo, which recently exited bankruptcy, appeared set to defeat a 1% sales tax hike measure after Tuesday's election.

Retail reaction to the announcement late Wednesday that Jefferson County, Ala., filed the largest municipal bankruptcy in U.S. history is likely to be muted, yet will still be closely monitored, portfolio managers say.