The Big B Post
In an article in LancasterOnline today is this quote from the Lancaster Mayor saying: ""I think sooner or later, you're going to see a municipality really go into bankruptcy in Pennsylvania,".
Well, there is a problem with that statement. The 'sooner or later' part. Sure looks to me that a Pennsylvania municipality has gone through bankruptcy recently. Read this press release from Pepper Hamilton on their work taking Westfall Township in Pike County Pennsylvania through Chapter 9 bankrtupcty. If I understand their math, they are touting their settlement of the municipality's debt at 30 cents on the dollar. I'd apply that ratio to the city's debt here, but people might get carried away. It would be a number far bigger than any potential net gain from sale/lease of the parking assets.