Here the city had the challenge of being not only economically viable but politically palatable, said attorney Vincent J. Marriott, representing bondholders who invested about $50 million in the city. As is appropriate, that took time. I think the result today is really a tribute to all the work and thought that went in from the city. From early in the case, when it reached an agreement with the California Public Employees Retirement System in that instance, an agreement to pay CalPERS everything its owed the citys plan depended on a series of agreements with creditors, rather than asking Jury force concessions. Their final major agreement came just before this hearing, when a mediator helped broker a deal with the Big Independent Cities Excess Pool. BICEP gave its support to the plan and agreed to be responsible for claims against the city in excess of $1 million. That left only attorneys representing clients injured by police to argue Tuesday that the case was unfair, but Jury overruled them. Those attorneys argue that the city had not acted reasonably and in good faith two requirements to confirm a bankruptcy plan. It took 21 separate phone calls to get (the citys bankruptcy attorney) Mr. Glassman on the phone, and then when I got him on the phone I got a penny on the dollar a penny on the dollar for a man whos going blind, said Duane Folke. ... They need to do better, they should do better and they wont do better unless this court has some kind of fulcrum on the other end. Jury said thats not something the law allows her to do. As unsecured creditors, those with claims against police fall into the same class as others who voted in favor of the plan despite it giving them only 1 cent on the dollar.
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