Category: Jefferson County

Month in Review: January, 2014

21 February, 2014 (09:00) | Alabama, Bonds, Chicago, China, Detroit, Immigration, Jefferson County, Month in review, Municipal bankruptcy, Pension liabilities, Remittances, Saudi Arabia |

[Previous Months in Review available here: Dec 13, Nov 13,  Oct 13, Sep 13, Aug 13  Jul 13 Jun 13  May 13, Apr 13, Mar 13, Feb 13, Jan 13.]]    By:David A. Smith   Here in America, we just experienced the coldest January for a century, perhaps a fitting metaphor for a winter of […]

Twenty years into the muck hole: Part 2, Bad luck, it’s got to land on somebody

22 January, 2014 (09:00) | Alabama, Bonds, Cities, Infrastructure, Jefferson County, Municipal bankruptcy, municipal bonds, Orange County California, Proposition 13, Sewer, Uncategorized, US News |

  [Continued from yesterday's Part 1.]   By:David A. Smith   Categories: Alabama, bonds, cities, infrastructure, Jefferson County, municipal bankruptcy, municipal bonds, Orange County California, Proposition 13, sewer, US news   As we saw yesterday, Jefferson County’s bankruptcy was 18 years in the making, and 2 years in the doing, and the road to ruin […]

Twenty years into the muck hole: Part 1, I want to talk some sense to him

21 January, 2014 (09:00) | Alabama, Bonds, Cities, Infrastructure, Jefferson County, Municipal bankruptcy, municipal bonds, Orange County California, Proposition 13, Sewer, Uncategorized, US News |

By:David A. Smith   While writing my magnum opus of Jefferson County’s pilgrim’s progress   through bankruptcy to reorganization and exit, I of course became totally absorbed in reading old newspaper articles, and came upon one, from Bloomberg (November 10, 2011) the day right after the filing, that is an unexpected gem for both its jumbled history of […]

Out of the muck? Part 5, What it means for municipal bankruptcy and Detroit

10 January, 2014 (09:00) | Bankruptcy, Bonds, Capital markets, Detroit, Finance, Infrastructure, Jefferson County, Municipal bankruptcy, municipal infrastructure, Recapitalization, Speculation, US News, Workouts |

[Continued from yesterday's Part 4 and the preceding Part 1, Part 2, and Part 3.]   By:David A. Smith   By late November, after repricing the current-payment bonds because of a rise in interest rates, the Jefferson County bankruptcy reorganization plan was approved by all parties, and ready to close, pending only the sale of the […]

Out of the muck? Part 4, court retains authority for forty years

9 January, 2014 (09:00) | Bankruptcy, Bonds, Capital markets, Detroit, Finance, Infrastructure, Jefferson County, Municipal bankruptcy, municipal infrastructure, Recapitalization, sewer systems, Speculation, US News, Workouts |

[Continued from yesterday's Part 3 and the preceding Part 1 and Part 2.]   By:David A. Smith   As we’ve seen so far, the Jefferson County bankruptcy reorganization had proceeded with commendable logic and celerity to a proposed resolution last June, only to have interest rates move the wrong way (whenever I do a deal, interest rates […]