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CalPERS objection to the San Bernardino Chapter 9 bankruptcy

CalPERS objection to the San Bernardino Chapter 9 bankruptcy

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 MICHAEL J. GEARIN (admitted pro hac vice)MICHAEL B. LUBIC (SBN 122591)K&L
 
GATES
 
LLP10100 Santa Monica Boulevard, Seventh FloorLos Angeles, California 90067Telephone: 310.552.5000Facsimile: 310.552.5001Email: michael.lubic@klgates.commichael.gearin@klgates.comAttorneys for California Public Employees’Retirement SystemUNITED STATES BANKRUPTCY COURTCENTRAL DISTRICT OF CALIFORNIARIVERSIDE DIVISION
 
In reCITY OF SAN BERNARDINO, CALIFORNIA,Debtor.
 
Case No. 6:12-bk-28006 MJChapter 9PRELIMINARY OBJECTION OF CALPERSTO THE CITY OF SAN BERNARDINO’SCHAPTER 9 PETITION AND REQUEST FORRELIEF UNDER 11 U.S.C. § 941Date: November 5, 2012Time: 10:00 a.m.Place: United States Bankruptcy Court3420 Twelfth StreetCourtroom 301Riverside, CA 92501
Case 6:12-bk-28006-MJ Doc 207 Filed 10/24/12 Entered 10/24/12 17:50:03 DescMain Document Page 1 of 20
 
 
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-i-
TABLE OF CONTENTSPage
I. INTRODUCTION.....................................................................................................................1II. BACKGROUND.......................................................................................................................2A. The Bankruptcy Filing....................................................................................................2B. The City’s Financial Records Are in Disarray...............................................................3C. The Pre-Pendency Plan...................................................................................................4D. Ongoing Financial Performance.....................................................................................5E. CalPERS is the City’s Largest Creditor.........................................................................6III. ARGUMENT.............................................................................................................................7A. The City Cannot Demonstrate a “Desire to Effect a Plan.”............................................8B. The City Cannot, at this Time, Demonstrate that it Filed its Petition in “GoodFaith”............................................................................................................................10C. Request for Relief Under Section 941..........................................................................12D. CalPERS Reserves the Right to Object to the City’s Eligibility on OtherGrounds........................................................................................................................13IV. CONCLUSION........................................................................................................................13
Case 6:12-bk-28006-MJ Doc 207 Filed 10/24/12 Entered 10/24/12 17:50:03 DescMain Document Page 2 of 20
 
 
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TABLE OF AUTHORITIESPageFEDERAL CASES
 
CalPERS v. Moody’s Corp.
,Nos. C09-03628 SI, C09-03629 JCS, 2009 WL 3809816 (N.D. Cal. Nov. 10, 2009)..............6
Kaplan v. CalPERS 
,1999 WL 33623292,No. 99-15295 (9
th
Cir. Aug. 12, 1999).......................................................................................6
 Loop Corp. v. United States Trustee
,379 F.3d 511 (8
th
Cir. 2004).....................................................................................................12
STATE CASES
 
Cal. Ass'n of Prof’l Scientists v.
 
Schwarzenegger,
137 Cal. App. 4th 371 (2006)....................................................................................................6
City of Oakland v. Pub. Emps. Ret. Sys.,
95 Cal. App. 4th 29 (2002)........................................................................................................6
 In re City of Bridgeport 
,129 B.R. 332 (Bankr. D. Conn. 1991).....................................................................................10
 In re City of Vallejo
,408 B.R. 280 (9th Cir. BAP 2009).....................................................................................7, 8, 9
 In re Cottonwood Water & Sanitation Dist.
,138 B.R. 973 (Bankr. D. Colo. 1992)........................................................................................7
 In re N.Y.C. Off-Track Betting Corp.
,427 B.R. 256 (Bankr. S.D.N.Y. 2010).................................................................7, 9, 10, 11, 12
 In re Orange County
,183 B.R. 594 (Bankr. C.D. Cal. 1995).......................................................................................8
 In re Pierce Cnty. Hous. Auth
.,414 B.R. 702 (Bankr. W.D. Wash. 2009)................................................................................13
 In re Suffolk Reg’l Off-Track Betting Corp.
, 462 B.R. 397,(Bankr. E.D.N.Y. 2011).............................................................................................................7
 In re Sullivan County Reg’l Refuse Disposal Dist.
,165 B.R. 60 (Bankr. D.N.H. 1994)............................................................................7, 8, 10, 11
 In re Town of Westlake, Texas
,211 B.R. 860 (Bankr. N.D. Tex. 1997)......................................................................................8
 In re Villages at Castle Rock Metro Dist. No. 4
,145 B.R. 76 (Bankr. D. Colo. 1990)........................................................................................11
 In re Wright Air Lines, Inc
.,51 B.R. 96 (Bankr. N.D. Ohio 1985).......................................................................................12
FEDERAL STATUTES
 11 U.S.C. § 109(c).................................................................................................................................711 U.S.C. § 109(c)(1)-(5)...................................................................................................7, 8, 9, 10, 1311 U.S.C. § 109(c)(5)(C).....................................................................................................................13
Case 6:12-bk-28006-MJ Doc 207 Filed 10/24/12 Entered 10/24/12 17:50:03 DescMain Document Page 3 of 20

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