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IN RE CITY OF STOCKTON, CAL.

Bankruptcy No. 12-32118-C-9. DC No. OHS-5.

486 B.R. 194 (2013)

In re CITY OF STOCKTON, CALIFORNIA, Debtor.

United States Bankruptcy Court, E.D. California.

February 5, 2013.

Attorney(s) appearing for the Case

Marc A. Levinson (argued), Patrick Bocash , John W. Killeen , Orrick, Herrington & Sutcliffe LLP, Sacramento, CA, for Debtor.

William W. Kannel (argued), Mintz Levin Cohn Ferris Glovsky and Popeo P.C., Boston, MA, for Wells Fargo Bank National Association, as Indenture Trustee.

Matthew M. Walsh (argued), Winston & Strawn LLP, Los Angeles, CA, for National Public Finance Guarantee Corporation.

Jeffrey Bjork (argued), Sidley Austin LLP, Los Angeles, CA, for Assured Guaranty Corp. and Assured Guaranty Municipal Corp.

James O. Johnston (argued), Jones Day, Los Angeles, CA, for Franklin High Yield Tax Free Income Fund and Franklin California High Yield Municipal Fund.

Michael J. Gearin (argued), K & L Gates LLP, Los Angeles, CA, for California Public Employees' Retirement System.

OPINION REGARDING APPLICABILITY OF FEDERAL RULE OF BANKRUPTCY PROCEDURE 9019

CHRISTOPHER M. KLEIN, Bankruptcy Judge.

The question is whether a chapter 9 municipal debtor must obtain court approval under Federal Rule of Bankruptcy Procedure 9019 of any compromise or settlement it makes during the course of the chapter 9 case. The City of Stockton says "no." Its Capital market creditors say "yes." The answer is: 11 U.S.C. § 904 gives a chapter...

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