NASA defines a black hole as a place in space where gravity is relentless and pulls so much that not even light can get out. And, so it goes with Chicago as it attempts to get out of its pension black hole. The recent Illinois Supreme Court opinion in Jones v. Municipal Employees’ Annuity and … Continue Reading
Restructuring partners Mark Salzberg and Karol Denniston, together with financial services partner, Michael Cuda, recently authored a chapter in “Inside The Minds: Chapter 11 Bankruptcy and Restructuring Strategies – Leading Lawyers on Navigating Recent Trends, Cases and Strategies Affecting Chapter 11 Clients” published by Thomson Reuters/Aspatore. In their chapter, entitled “New Developments in Chapter 11 … Continue Reading
Recently the Illinois Supreme Court unanimously rejected legislative pension reform, ruling that the 2013 legislation violated pension protections written into the state’s Constitution. Illinois’ Constitution provides that benefits promised as part of a pension system for public workers cannot be diminished or impaired. With a pension shortfall estimated at $111 billion, Illinois has struggled to … Continue Reading
