Some time ago I posted here about the dangerous insolvency of the city of Chicago. Some may have thought me a twenty-first century Cassandra because nary a peep was thereafter heard about Chicago's parlous financial condition. Until now.
Go here to read what Bloomberg News reports. It's not that Chicago is any better than I warned last year but that the rest of the cities in Illinois are worse. "Fiscal crises in the state and its biggest city have diverted attention from the $8.4 billion in liabilities those [pension] systems faced in 2012, up from $4.1 billion in 2001." In other words, notwithstanding a stock-market boom since 2009, municipal pension underfunding in Illinois more than doubled in a decade.
Good news in the offing for lawyers and workout professionals generally given the downturn in Chapter 11 filings.