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: Legal Pad | LAFiscal crisis may yield Chapter 9 work for firms
By Richard Binder
Despite the dire financial outlook for California's cities, most lawyers don't expect the economic downturn to let loose a flood of municipal bankruptcies. But many are preparing for an uptick in Chapter 9-related work.
For instance, while Pacific Grove is not ready to file for Chapter 9, it is exploring the legal costs and potential consequences of such a move. It has received pitches from firms as large as Orrick, Herrington & Sutcliffe and as regional as Renne Sloan Holtzman Sakai.Responding to the city's request for qualifications, the firms outlined costs for pre-filing consultation and representation in bankruptcy and post-bankruptcy proceedings.
Full post as published by Legal Pad | LA on July 20, 2009 (boomark / email).
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