Quote:
Originally Posted by valo403
I'm not sure it'll have all that much of a fallout, they were already defaulting, this just formalizes it. It might actually give the city some hope as it removes the crushing debt burden going forward.
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That and it would give them ways to negotiate settlement perhaps. In the article I posted they talk about paying say 10-15 cents/dollar. That might rise of course, but obviously gives the city some wiggle room if they can settle.