Category: Loopholes

A Grand Unified Theory of municipal insolvency: Part 2, Headed for the brambles

5 June, 2013 (09:00) | Bonds, Cities, David Unkovic, Harrisburg, Infrastructure, Litigation, Loopholes, Markets, Municipal bankruptcy, Municipal Finance, ratings agencies, SEC, solid waste, US News |

  [Continued from yesterday's Part 1]   By:David A. Smith   If you can’t dazzle them with brilliance, baffle them with bull. – W. C. Fields  Yesterday’s post present part of former Harrisburg receiver David Unkovic’s extraordinary speech to a national symposium on Distressed Municipalities, in which he laid out clearly why he believes that […]

A Grand Unified Theory of municipal insolvency: Part 1, Nothing but a poor man with money

4 June, 2013 (09:00) | Bonds, Cities, David Unkovic, Harrisburg, Infrastructure, Litigation, Loopholes, Municipal bankruptcy, Municipal Finance, Rating agencies, SEC, solid waste, US News |

  By:David A. Smith     Hangman: Have you any last wish? W. C. Fields: Yes, I’d like to see Paris before I die. (Pause) Philadelphia will do.   Philadelphia lawyer David Unkovic, a public-finance bond counsel for thirty years, is an unlikely urban theorist – but then, he recently had an unlikely experience. As I […]

Harrisburg’s quest for the Holy Grail: Part 5, Now we see the violence inherent in the system

24 May, 2013 (09:27) | Bonds, Cities, Harrisburg, Infrastructure, Litigation, Loopholes, Markets, Municipal bankruptcy, Municipal Finance, ratings agencies, SEC, solid waste, US News | 1 comment

[Continued from yesterday's Part 4 and the preceding Part 1, Part 2 and Part 3.]   By:David A. Smith   In late November, 2011, as the Commonwealth of Pennsylvania was moving to appoint a receiver for its state capitol, Harrisburg, the city council by a 4-3 vote abruptly filed a bankruptcy petition, which was immediately […]

Harrisburg’s quest for the Holy Grail: Part 4, How’d you get to be king?

23 May, 2013 (13:27) | Bonds, Cities, Harrisburg, Infrastructure, Litigation, Loopholes, Markets, Municipal bankruptcy, Municipal Finance, ratings agencies, SEC, solid waste, US News |

[Continued from yesterday's Part 3 and the preceding Part 1 and Part 2.]   By:David A. Smith   After a decade of borrowing, the latter half of which consisted of borrowing to pay debt service on previous unwise borrowing, the voters of Harrisburg had had it – in 2010, they voted out Mayor Reed, and […]

Harrisburg’s quest for the Holy Grail: Part 3, None shall pass

22 May, 2013 (09:00) | Bonds, Cities, Harrisburg, Infrastructure, Litigation, Loopholes, Markets, Municipal bankruptcy, Municipal Finance, ratings agencies, SEC, solid waste, US News |

[Continued from yesterday's Part 2 and the preceding Part 1.]   By:David A. Smith   By now in our story of Harrisburg’s steps into insolvency, we’ve reached the point where Mayor Stephen Reed, whose political dominance was so great that candidates for city council ran as part of a “Reed team,” had persuaded the city […]