Michael Fitzgerald News
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Harrisburg, the Pennsylvania capital, may try within weeks to impose losses on creditors to solve a fiscal crisis that threatens its solvency and has landed it in state receivership. Such a move might prompt other distressed U.S. municipalities to pursue similar remedies.
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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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Greenberg Traurig LLP said yesterday that it has opened an office in Warsaw with a team of more than 50 lawyers formerly with Dewey & LeBoeuf LLP. The firm will operate as Greenberg Traurig Grzesiak in Poland. Jaroslaw Grzesiak, former managing partner of Dewey’s Warsaw office, serves as the managing partner and Lejb Fogelman as the senior partner.
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Highland Capital Management LP, the debt manager with about $22 billion in assets under management, and JPMorgan Chase & Co . were sued by a Houston pension plan over claims that willful looting led to the demise of the Highland Crusader Fund.
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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’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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Wisconsin’s insurance commissioner gained a state court judge’s approval of cash payments to Ambac Assurance Corp. policyholders who have filed more than $3 billion in claims.
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Harrisburg, Pennsylvania’s capital, may miss $3.3 million in general-obligation bond payments due Sept. 15 if council members fail to approve a portion of a fiscal rescue plan, according to the mayor’s spokesman.
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JPMorgan Chase & Co. , UBS AG and Deutsche Bank AG are being investigated as part of New York Attorney General Eric Schneiderman ’s expanded probe of mortgage securitization, according to a person familiar with the matter.
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Assured Guaranty Municipal, which backed the debt driving Harrisburg, Pennsylvania, into insolvency, faced the prospect of forced losses in a bankruptcy, so it invested in its future.
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