Thursday, May 31, 2012

Wells Fargo Seizes Stockton, California City Hall Ahead of Possible City Bankruptcy

Stockton is inland from Vallejo which filed for Chapter 9 protection a few years ago.
From Economic Policy Journal:
The Stockton City Council announced Wednesday that they will look at bankruptcy contingency plans after Wells Fargo seized the new city hall building.

The city paid $35 million to buy the 8-story building, but was not able to move in because of its money problems, and recently stopped making debt payments all together. This is the fourth building that was repossessed by Wells Fargo; the bank seized three city parking garages for the same reason....MORE
A long way from California Dreamin'.