According to today's Stockton Record article, it appears that there is no imminent settlement between the City of Stockton and Franklin Investment. In addition, the City spokesman said they have not amended their plan that pays Franklin less than 1% on their more than $30 million in unsecured debt.
Thus, I expect the Judge will reject Stockton's plan, as I discussed in my earlier post reacting to the October 1st ruling.
It seems to me that Judge Klein has been doing everything he can to nudge the sides to settle over the past few months. I believe delaying the confirmation ruling from October 1 to October 30 was to give them one last chance for a deal or for Stockton to come forward with an amended plan.
I hope I am wrong about this.
No comments:
Post a Comment