In re City of Stockton

AMENDED1 OPINION REGARDING CONFIRMATION AND STATUS OF CALPERS2

KLEIN, Bankruptcy Judge:

Resolving the single objection to confirmation of the chapter 9 plan of adjustment of debts by the City of Stockton necessitates answering the threshold question whether, as a matter of law, pension contracts entered into by the City, including the pension administration contract, may be rejected pursuant to Bankruptcy Code § 365. 11 U.S.C. § 365.

After answering that question of law in the affirmative, we come to the main question: whether, as matters of law and fact, the City’s chapter 9 plan should be…