In Vallejo, Calif., the city just outside San Francisco trying to emerge from its 2008 bankruptcy, it looks like “unsecured creditors receive 5 to 20 cents on the dollar.” And who are those unsecured creditors?
Mostly city employees and retirees.
In Vallejo, Calif., the city just outside San Francisco trying to emerge from its 2008 bankruptcy, it looks like “unsecured creditors receive 5 to 20 cents on the dollar.” And who are those unsecured creditors?
Mostly city employees and retirees.