Category: Sewer systems

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 systems, 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 and then redemption […]

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 systems, 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 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 […]

Out of the muck? Part 3, Repricing the Triple-B

8 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 2 and the preceding Part 1.]   By:David A. Smith   At the end of June, 2013, everyone involved with Jefferson County‘s bankruptcy likely heaved sighs of relief, for the county had filed a plan that had pre-approval by the large creditor groups – presumably, enough of each creditor class to ensure […]

Out of the muck? Part 2, 33% rate increase in four years

7 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 1.]   By:David A. Smith   In yesterday’s post, we revisited Alabama’s Jefferson County, which in November, 2011 became what was then the largest municipal bankruptcy in US history (until overtaken by Detroit), and which in December, 2013 emerged from that bankruptcy; that post laid the groundwork – sixty cents on […]