I think this is good. It's a well-known but completely glossed over reality that most such offerings are well, insider deals. For years the connected have routinely skimmed the taxpayers. Even at the state level. But should fraud, collusion, or bid-rigging be proved, state law provides for the opportunity to renege, fines, and jail time for the parties involved.
If the state of California is going to unwind, all of the "bezzle" will have to fall. It will start small and work up.