很少有法官拥有破产法官的力量。很少有破产法官的权力,那些主持已经交往第9章的城市,前提是稀缺的。For the past few years, Christopher Klein, 68, chief judge of the U.S. Bankruptcy Court for the Eastern District of California, has overseen the insolvency of the city of Stockton, which expected to continue to pay its biggest creditor, the California Public Employees’ Retirement System, $30 million a year to provide public workers’ retirement benefits. Klein wasn’t so sure that was necessary. In late September he defied CalPERS, which threatened to impose a lien of $1.6 billion on Stockton if the city bailed out of the system. “The bankruptcy code provides that the lien can be avoided and be treated as an unsecured claim,” said Klein, who has an MBA and a JD from the University of Chicago. The judge noted that the city could legally stiff CalPERS or even eliminate pensions entirely. His ruling sent a shock through the nation’s largest defined benefit pension plan (whose CIO, Ted Eliopoulos, is No. 11 on the Pension 40). A month later, however, Klein approved the Stockton reorganization plan, which traded severe bondholder haircuts — including cuts to Franklin Templeton, which had brought the dispute to Klein in the first place — for continued annual payments to CalPERS, some 20 percent of the municipal budget. “It would be no simple test to go back and redo the pensions,” Klein admitted. But his message had been sent: Pensions are on the table.
23.
克里斯托弗克莱因
首席法官
美国东部地区破产法院
去年:24
2014年养老金40