Dan Miller News
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Linda Thompson, the Harrisburg mayor who asked Pennsylvania to designate the state’s capital city as fiscally distressed in 2010, lost her re-election bid in the Democratic Party primary to a local bookstore owner.
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Harrisburg, Pennsylvania, which has missed $6 million in debt payments since Jan. 1, should consider seeking Chapter 9 bankruptcy protection, City Controller Dan Miller told a three-hour special committee hearing.
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John Moorlach, who became treasurer of Orange County, California, after it filed the biggest municipal bankruptcy in U.S. history in 1994, has some advice for the new record-holder, Jefferson County, Alabama.
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Stephen Reed, Harrisburg’s mayor for 28 years, pushed Pennsylvania’s capital into insolvency as the more than $500 million in bond deals he oversaw to finance community development drained city coffers.
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Orange County, California, whose 1994 municipal bankruptcy was then the largest in U.S. history, had some advice for Harrisburg, Pennsylvania , the state capital weighing Chapter 9 protection.
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Harrisburg’s notice of a second general-obligation debt default contrasts the way distressed cities are dealt with in Pennsylvania compared with Rhode Island, according to Matt Fabian of Municipal Market Advisors.
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Harrisburg’s receiver, David Unkovic, resigned today, dealing the latest setback to the insolvent Pennsylvania capital that has skipped payments on debt and had a bankruptcy bid rejected.
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Harrisburg, Pennsylvania’s insolvent capital, says it will miss general-obligation bond payments for the second time this year, preserving cash to cover workers’ salaries.
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Harrisburg, Pennsylvania’s insolvent capital, says it will miss general-obligation bond payments for the first time next week as its receiver seeks approval for a plan to sell assets.
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David Unkovic, the receiver for Pennsylvania’s insolvent capital of Harrisburg, wants the people who helped create the debt to assist in its elimination.
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