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Desert Hot Springs Weighs Bankruptcy ( California )
Los Angeles Business Journal ^ | November 11, 2013

Posted on 11/11/2013 10:55:22 AM PST by george76

Desert Hot Springs, the resort town near Palm Springs, may become the first city since Detroit to seek bankruptcy protection from creditors

...

Chapter 9, it would be the fourth California city since June last year to do so.

(Excerpt) Read more at labusinessjournal.com ...


TOPICS: Business/Economy; Government; News/Current Events; US: California; US: Michigan
KEYWORDS: bankruptcy; chapter9

1 posted on 11/11/2013 10:55:22 AM PST by george76
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To: george76

The spa capitol of CA!


2 posted on 11/11/2013 11:08:51 AM PST by Jack Hydrazine (I’m not a Republican, I'm a Conservative! Pubbies haven't been conservative since before T.R.)
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To: george76

Desert Hot Springs tends to go bankrupt every 2-5 years since the 70s. Not a reliable place for municipal employment. Sits right on top the San Andreas and tends to attract many Latino laborers and their families throughout the Valley.


3 posted on 11/11/2013 11:11:48 AM PST by Cvengr (Adversity in life and death is inevitable. Thru faith in Christ, stress is optional.)
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To: Cvengr

But the chamberpot of commerce says we need cheap labor, I’m confused?


4 posted on 11/11/2013 11:32:53 AM PST by junta ("Peace is a racket", testimony from crime boss Barrack Hussein Obama.)
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To: Cvengr

I don’t know about that recurring bankruptcy but it is a great idea. I’ve seen the airlines do it for decades. Declare bankruptcy, no debt, borrow to the hilt again, wash, rinse, repeat.


5 posted on 11/11/2013 11:45:37 AM PST by nicepaco
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To: george76

Three guesses on why they are bankrupt (as the article doesn’t mention it).

1. Insane public union pensions...

2. An insane deal with a Wall Street Brokerage House that made the simple act of borrowing money at a fixed rate into a huge money losing event...

3. Insane public union pensions...


6 posted on 11/11/2013 12:06:54 PM PST by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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