[quote=harvey][quote=davelj]In my opinion the most interesting part of this will be the determination of seniority (or liquidation preference) between the pension funds and the bond holders, as this is uncharted territory.[/quote]
Isn’t there some precedent for this in the Stockton bankruptcy?[/quote]
No, there is not. The Stockton bankruptcy process is ongoing and will be for some time. My understanding is that the unions are working with the various parties to cut benefits as they understand that it’s inevitable. But the actual extent of the cuts is as yet undetermined.
