Thursday, March 26, 2009
Bankruptcy judge rules contracts can be voided
I've read that this is a big deal.
It seems somewhat interesting in that contracts can be dissolved.
That could mean that governments could spend into bankruptcy to get rid of burdonsome obligations.
I'm sure the lawyers will have a lot to say about that...
It seems somewhat interesting in that contracts can be dissolved.
That could mean that governments could spend into bankruptcy to get rid of burdonsome obligations.
I'm sure the lawyers will have a lot to say about that...
Pamela A. MacLean reports at Law.com:
"In the first ruling of its kind, a bankruptcy judge held the city of Vallejo, Calif. has the authority to void its existing union contracts in its effort to reorganize, holding public workers do not enjoy the same protections Congress gave union workers at private companies."
