News Column

BRIEF: Bankruptcy judge rules on value of Stockton properties

July 8, 2014

The Record, Stockton, Calif.

July 08--SACRAMENTO -- A judge issued his ruling today on the value of the properties Stockton put up as collateral for a $35 million loan from Franklin Investments.

Franklin is the only creditor with which Stockton could not come to an agreement in filing for bankruptcy. Stockton proposed paying back 1 cent on the dollar, for $350,000. Franklin insisted on the full amount.

Judge Christopher Klein ruled this afternoon that properties were worth between what Stockton and Franklin said. He settled on $4.052 million.

Now Stockton will have to change its plan of adjustment and decide how to pay this off. The choices are a lump-sum payment, a payment plan, or handing possession of two golf courses and an ice rink over to Franklin.

Read more on this story by staff writer Roger Phillips in Wednesday's Record.


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Source: Record (Stockton, CA)

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