Quote:
Originally Posted by Senator Clay Davis
As to what happens now, the city will liquidate whatever assets it can to make some cash. So anything city owned is fair game pretty much.
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Interesting aspect of this I learned this morning, because this is Chapter 9, which is reserved for municipalities, and not your typical corporate or personal bankruptcy there's no way that the courts can compel the city to liquidate anything. An example is the significant art holdings of the city (remember it was at one time pretty damn rich), there's no way that the courts can make the city sell those holdings off to cover debt.