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Bankrupt Stockton defends financial plan in court
Press Release |
2014/05/13 18:24
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The largest city in California to file for bankruptcy protection is asking a judge Monday to approve its plan for reorganizing more than $900 million in long-term debt to rescue the city from two years of financial uncertainty.
Standing in Stockton's way is Franklin Templeton Investments, which says the city is treating it unfairly. In 2009, Templeton loaned Stockton $35 million to build firehouses, parks and move its police dispatch center. Franklin says the city today is offering it $350,000.
The city has reached deals with all of its major creditors, except for Franklin, which is taking Stockton to a trial before U.S. Bankruptcy Judge Christopher Klein.
Stockton's bankruptcy attorney Marc Levinson recently told the City Council that he knows Franklin isn't happy. "We are choosing our battles and fighting where we have to fight and making deals where we can," Levinson said.
An inland port city 80 miles east of San Francisco, Stockton filed for Chapter 9 protection in 2012, making it the nation's largest bankrupt city before Detroit filed for bankruptcy last year. Vallejo went through bankruptcy before Stockton. San Bernardino filed shortly after Stockton, but it has yet to present an exit plan. |
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Casino law hinges on Massachusetts high court case
Press Release |
2014/05/05 21:08
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The fate of casino gambling in Massachusetts may hinge on a case before the state's highest court Monday.
The Massachusetts Supreme Judicial Court is set to hear arguments in a case centered on whether a question should be allowed on the November ballot asking voters if they want the state's 2011 casino law repealed. The court is expected to issue a decision by July.
If allowed on the ballot, the referendum could upend the state's ongoing casino licensing process.
Gambling giants MGM, Wynn, Mohegan Sun and others have expressed concern they could lose millions of dollars they've invested in the planning, development and promotion of their proposals if the referendum prevails. They also argue the state risks losing much more.
"Jobs certainty and billions of dollars in economic development hang in the balance," said Carole Brennan, a spokeswoman for MGM, which has proposed an $800 million casino project in downtown Springfield. "The Gaming Act allows for the creation of more than 10,000 jobs and the recapture of billions of dollars in tax revenues that are currently leaving the state. It doesn't make sense to forgo those opportunities."
State Attorney General Martha Coakley, a Democrat running for governor this year, has ruled that the question violates the state constitution and shouldn't be allowed on the ballot. |
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High court to hear dispute about TV over Internet
Press Release |
2014/04/21 20:14
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Thirty years ago, big media companies failed to convince the Supreme Court of the threat posed by home video recordings.
Now they're back — and trying to rein in a different innovation that they say threatens their financial well-being.
The battle has moved out of viewers' living rooms, where people once marveled at their ability to pop a cassette into a recorder and capture their favorite programs or the sporting event they wouldn't be home to see.
The new legal fight shifts to the Supreme Court Tuesday with arguments against a startup business using Internet-based technology to give subscribers the ability to watch programs anywhere they can take portable devices.
Aereo takes free television signals from the airwaves and sends them over the Internet to paying subscribers in 11 cities. |
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Court rules for environmentalists in water fight
Press Release |
2014/04/17 20:51
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An appeals court said Wednesday that federal officials should have consulted wildlife agencies about potential harm to a tiny, threatened fish before issuing contracts for water from the Sacramento-San Joaquin Delta.
An 11-judge panel of the 9th U.S. Circuit Court of Appeals in San Francisco ruled that the U.S. Bureau of Reclamation violated the Endangered Species Act when it failed to consult with the U.S. Fish and Wildlife Service or the National Marine Fisheries Service in renewing 41 contracts a decade ago. The appeals court sent the case back to a trial judge for further proceedings.
The ruling arises from one of several lawsuits filed by the Natural Resources Defense Council and other environmentalists seeking to protect the Delta smelt. The ruling won't affect water flows because protections for the smelt were kept in place during the lawsuit.
"This about how we are going to manage the water in the future," said Douglas Obegi, a lawyer with the Natural Resources Defense Council.
Water-rights holders and government lawyers argued that consultation wasn't necessary because the U.S. Bureau of Reclamation was required to renew the contracts and had no discretion over terms of the agreement that would control water levels in the Delta. |
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