THE POLITICAL VIKING'S WAR ON WRONG: Stockton ruling seen key to U.S. cities' bankruptcy options

"Stockton, a city of 300,000 residents in California's Central Valley, aims to use the Chapter 9 bankruptcy process to right the city's finances with a number of drastic measures. The city has already defaulted on some debt and allowed creditors to seize the assets - including a parking garage and a city building - and has cut payments to other municipal bondholders."