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Jefferson County May File Largest Ever Chapter 9 Filing

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Jefferson County May File Largest Ever Chapter 9 Filing

Old 11-09-2011, 03:47 PM
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Default Jefferson County May File Largest Ever Chapter 9 Filing

The bad news for JP Morgan just keep on coming. According to the Tweeter account of Birmingham News, "Jefferson County Commission makes motion to file bankruptcy." We translate this to mean that the "avoided bankruptcy" state has just metamorphosed into simple "bankruptcy" - granted one which will be the largest municipal bankruptcy in history. This means that JP Morgan is now on the Unsecured Creditor Committee of the two biggest bankruptcies of 2011: MF Global andJeffCo as well. And so the second major domino after Harrisburg is down. Many more coming.

http://www.zerohedge.com/news/jeffer...r-9-bankruptcy


I agree -- many more muni bankruptcies will be coming. This is kind of interesting; the list of who will have to take the JeffCo haircut:

JEFFERSON COUNTY'S MAJOR SEWER CREDITORS

JPMorgan Chase & Co.
Bank of America
Regions Bank
Lloyds Bank of Scotland
State Street Bank of Boston
Societe Generale of Paris
Bank of Nova Scotia in Canada
The Bank of New York Mellon
Financial Guaranty Insurance
Syncora Guarantee, Inc.

Source: Jefferson County


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ETA: it's a done deal -- Jefferson County sups voted to file the largest muni bankruptcy in US history.
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Old 11-09-2011, 05:24 PM
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Jeff. CO. in which state?
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Old 11-09-2011, 07:17 PM
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Originally Posted by 08087 View Post
Jeff. CO. in which state?
Alabama. Birmingham is in Jefferson County. This has been in the news for quite a while, but the filing was today.
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Old 11-10-2011, 04:43 AM
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The political machine in Birmingham, AL, has been perfecting their theiving ways for many years. In this instance, the money was supposed to be used to pay for an upgrade and expansion to an already-established sewer system. Over a Billion dollars

...adds a whole 'nuther definition of money down the drain, doesn't it?
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Old 11-10-2011, 06:11 AM
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I have been reading up on this debacle. The politicians got paid well. The investment bankers made a killing, JP Morgan is alleged to have paid a $3 million "stay-away" fee to Goldman Sachs so that it could have this extremely lucrative deal all to itself. Many of the contractors were paid handsomly for their work on the sewer.

The tax payers living there got screwed, and will continue to be screwed for many years to come.
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Old 11-14-2011, 06:16 PM
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Originally Posted by SeaJay View Post
I have been reading up on this debacle. The politicians got paid well. The investment bankers made a killing, JP Morgan is alleged to have paid a $3 million "stay-away" fee to Goldman Sachs so that it could have this extremely lucrative deal all to itself. Many of the contractors were paid handsomly for their work on the sewer.

The tax payers living there got screwed, and will continue to be screwed for many years to come.
Sounds like it all worked out precisely as the politicians planned it with their best friends.

Precisely what is happening to our nation.
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Old 11-15-2011, 03:47 AM
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Every 10 years or so Jefferson county does that,
it's not even news anymore...
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Old 11-15-2011, 06:27 PM
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Originally Posted by fidhhook54 View Post
Every 10 years or so Jefferson county does that,
it's not even news anymore...

huh? THey file the nations largest bancrupy every 10 years or so?
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Old 11-18-2011, 10:41 AM
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If you get a paper in Alabama, you will realise this is not he first time
Jefferson county has filed for Bankrupcy,
ever 10 years or so, it comes up in the paper...

I have family that lives in Alabama, they live in a different county, they already have jokes about it and everything!!!

Last edited by fidhhook54; 11-18-2011 at 11:04 AM.
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Old 11-18-2011, 11:01 AM
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There are a lot of politicians associated with Jefferson Co that are doing time. I think I heard 3 of 5 county councilmen,and the state's govr is also getting free room and board over the corruption of Jefferson Co sewer system fiasco.
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Old 11-18-2011, 11:08 AM
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They filed for bankrupcy before, the amount was never this big...

All them 14's collecting unemployment,
Jefferson County is the County that has more 14's in all Alabama.

Sorry if the truth hurts!!!
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