Michael Sweet
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Michael Sweet

Once bankrupt, Vallejo still can't afford its pricey pensions

Vallejo's bankruptcy was likely only a short-term fix to its financial problems, said Michael Sweet, a California-based bankruptcy attorney at Fox Rothschild LLP. "The problem will continue to fester until people face up to the fact that the money available is less than promises made," he said...

Emergency manager confident of Detroit rebound

If Orr expected a slam dunk, "he was disabused of that notion when the judge twice rejected settlements with the banks," said Michael Sweet, a bankruptcy lawyer with Fox Rothschild in San Francisco who has represented local governments in restructuring efforts to stave off bankruptcy. ...

What's next in Detroit bankruptcy case?

Pressure is mounting for creditors to make a deal — particularly pensioners who, Rhodes ruled last month, are subject to cuts, said Fox Rothschild bankruptcy attorney Michael Sweet. Detroit owes about $18 billion in long-term liabilities and debt. "No matter when in the process you agree ...

Desert Hot Springs Weighs Fiscal Emergency To Avoid Ch. 9

A change in the makeup of elected officials could influence what path the city takes and how labor groups respond in future negotiations, said Michael Sweet, a bankruptcy attorney with Fox Rothschild’s San Francisco office. He said, “Whether they file for bankruptcy will have a lot to do ...

Mayor Lee as party host and entertainer

Earlier that day, said San Francisco Human Rights Commission leader Michael Sweet, a memorandum of understanding had been forged between the cities of San Francisco and Naples, focusing on commerce, science and civil rights. In Sweet's five years on the commission, this was the first ...

Report: Public Pension Funds Slightly Healthier

Michael Sweet, a bankruptcy attorney with Fox Rothschild, said funding problems will remain as long as public pensions are so closely aligned with often-volatile stock markets. “We can expect there will be another market downturn and this problem will reappear,” Sweet said. Market ...

Detroit bankruptcy: The war shifts to the courts

“But neither of those things can happen in a Chapter 9, which means the city holds more cards than they do in a private sector filing,” says Michael Sweet, a bankruptcy attorney with Fox Rothschild in San Francisco who helped a number of local governments in California avoid bankruptcy. ...

Detroit bankruptcy bond fight a watershed for muni market

"This is a significant issue for the bond community, not just in Detroit but in all cases, because the implication is that if the court finds these aren't secured, this will go far beyond Detroit," said Michael Sweet, a bankruptcy attorney with Fox Rothschild in San Francisco. The ...

Voters in bankrupt San Bernardino sweep old guard from power

"It sure looks like the voters of San Bernardino wanted some change and that's what they have gotten," said Michael Sweet, a bankruptcy attorney with Fox Rothschild in San Francisco who is not involved in the San Bernardino case. Sweet noted that the city members in charge of the ...

Detroit 'needs help,' is eligible for bankruptcy, judge rules

“What we’ve seen in this court is the judge was very careful to make sure that everyone had their say,” said Michael Sweet, a bankruptcy attorney with Fox Rothschild in San Francisco. During one particularly moving day in court, Rhodes opened up the court to citizens who objected to the ...

Key ruling on Detroit bankruptcy due Tuesday

Rhodes is unlikely to rule on the complicated issues of pensions and the state’s Constitution on Tuesday, said Michael Sweet, a San Francisco-based bankruptcy attorney at the law firm Fox Rothschild. The judge will most probably rule only on the question before him: whether the city is ...

Court says city of Stockton, California may proceed with bankruptcy

Michael Sweet, a municipal bankruptcy lawyer with Fox Rothschild who is not involved in the case, said the judge's remarks suggested that "somewhere along the line the city will have to go to Calpers, because otherwise they will have problems with discrimination in the plan. " A plan of ...

Another California city opts for bankruptcy

In contrast, cities like Stockton Calif. and Central Falls, R.I., have sought bankruptcy to deal with an unbearable financial outlook due to rising costs and stagnant revenues, said Michael Sweet, a bankruptcy attorney with Fox Rothschild's San Francisco office. "Those are the ones you ...

Where does Detroit's bankruptcy go from here? Here's a road map to how it may play out

Pressure is mounting for creditors to make a deal — particularly pensioners who, Rhodes ruled last month, are subject to cuts, said Fox Rothschild bankruptcy attorney Michael Sweet. Detroit owes about $18 billion in long-term liabilities and debt. “No matter when in the process you agree ...

Detroit to Make Case for Bankruptcy Before Judge

"There is a very high likelihood that the city will be found eligible," said Michael Sweet, a law partner at Fox Rothschild in San Francisco. "I can't imagine what would happen if the city were found to be ineligible. " Randye Soref, an attorney with Polsinelli in Los Angeles who has ...

How Detroit's bankruptcy eligibility trial will unfold

“What happens if he rules them ineligible for bankruptcy?” said Michael Sweet, a municipal bankruptcy attorney with Fox Rothschild who is not involved in the case. “Everyone is even worse off with a ruling by the judge that there wasn’t eligibility.” Here are some frequently asked ...

Judge to rule on San Bernardino bankruptcy, pensions loom

"There is a real parallel between San Bernardino and Detroit," said Michael Sweet, a bankruptcy attorney with Fox Rothschild in San Francisco, who is not representing any party in the San Bernardino or Detroit cases. "Both cities have shown an appetite to take the pension issue head-on. ...

Analysis: Constitutional, good faith arguments unlikely to halt Detroit bankruptcy

Michael Sweet, a bankruptcy attorney with Fox Rothschild who helped the city of Richmond, CA to restructure its finances in a successful effort to avoid bankruptcy, said the argument over Michigan's constitution could well fall outside the key considerations Judge Rhodes will apply in ...

Detroit EM's plan may hike bond costs in Michigan

... we show them that just about everything’s nailed down and we can’t liquidate it.” If the city seeks bankruptcy protection, the issue of whether general obligation bonds have to be paid in full will likely be litigated, said Michael Sweet, a bankruptcy lawyer at Fox Rothschild in San Francisco...

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