Showing posts with label municipal bankruptcies. Show all posts
Showing posts with label municipal bankruptcies. Show all posts
Thursday, August 8, 2013
The city of Fresno pops up on a list of 20 cities that may be headed to bankruptcy due to unfunded pensions, and the evolving and utterly weird story of the PGE implosion gets odder by the day
* ... FINANCIAL WOES: The city of Fresno has popped up on a list of cities that could be headed for bankruptcy. According to the website Newsmax, Fresno ranked No. 3 on a list of 20 cities with
serious financial problems due to unfunded pension liabilities. Said Newsmax: "Fresno had the ratings of its lease-revenue bonds downgraded to junk-level by Moody's, which also downgraded its convention center and pension obligation bonds due to the city's 'exceedingly weak financial position.' The other cities in the top five were Compton, East Greenbush, N.Y., Gulf County, Fla., and Harrisburg, Pa.
* ... EXPLOSION: Can this story about the disastrous implosion of the PGE plant on Rosedale Highway get any weirder? Californian reporter John Cox is now reporting that one of the subcontractors was not legally licensed, and it seems no one can figure out just who - if anyone - reviewed the plans to implode the twin plant towers. Build a wheelchair ramp on your house and you need a permit, but blow up a power plant and no one seems to know exactly who needs to review the plans.
* ... SAN FRAN: Kern County Auditor and Controller Mary B. Bedard dropped me a note about a previous blog post noting that an astounding one in 28 residents of San Francisco are on the public payroll. She noted: "While not defending San Francisco, I would like to point out that the staffing levels at the city of Bakersfield and San Francisco are not comparable because San Francisco is organized as both a city and county in a single governmental entity. Therefore, San Francisco is providing services such as libraries, public health, district attorney, public defender, aging and adult services, child support services, and many other services that are provided to the residents of Bakersfield by the County of Kern."
* ... BOOMERS: Did you know that this week (August 6, actually) marked the 68th anniversary of the last submarine lost in World War II? Gene Bonas, a friend who served on two different 'boomers,' told me the last sub lost was the USS Bullhead SS 332 with the loss of 84 men. "The month of August saw the loss of four subs and 241 men. One sub, the USS S-39, ran aground on a reef with all crew rescued. Another sub, the USS Cochino SS-345, was lost in 1949 due to a battery explosion and fire. One Cochino submariner was lost and six men assisting from the USS Tusk SS 426 were lost."
* ... JINGLE: Matt Koelzer wrote to settle the riddle on the old radio jingle advertising a business on Wible Road. He said it was the Bakersfield Swap Meet, located on the site where 3 Way Chevrolet now sits.
* ... MEMORIES: From reader Mike Stewart: "I thoroughly enjoy your column, as it brings back memories of old Bakersfield. I have a question for you and fellow readers. Does anyone remember a little neighborhood market called Gus's? It was on E Street, off Palm? I remember swimming at the Beale Park pool and then going to the small store for candy afterwards."
Thursday, July 19, 2012
Three men on classic motorcycles visit all the Bakersfield cities in the country on epic summer adventure
* ... BAKERSFIELD: Think you had a good summer? Check out the adventure that three Bakersfield men experienced when they set off on motorcycles to visit every city named Bakersfield in the United States: one in Texas, another in Missouri and one in Vermont. It started as an idea between friends Ryan Smith and Jorge Gonzalez, owners of vintage BMW bikes called “airheads," and eventually included Californian photographer Felix Adamo, himself a longtime motorcycle enthusiast. The trip also included a stop in Cincinnati at the Bakersfield themed restaurant 'Bakersfield OTR.' The entire round trip was 6,500 miles and took 22 days to complete. Said Adamo: "In all we traveled through 18 states, averaging about 350 miles a day. While we did stay with some family, friends and a couple of hotels along the way, a majority of the time we camped at various sites along the way. Everything we needed was packed on our motorcycles." Adamo is planning on an photography exhibition of the trip in the near future. (photos courtesy of Felix Adamo)
* .... BANKRUPTCIES: The list of California cities in or nearing bankruptcy continues to grow, with Stockton, San Bernardino and Mammoth Lakes leading the way. And according to Los Angeles Times columnist George Skelton, Tehachapi is among a new list of cities that are signaling they are in trouble. Skelton said Tehachapi and seven other cities - Arvin, El Monte, Fairfield, Grover Beach, Lancaster, Monrovia and Riverbank - had told potential bond buyers that they are in serious trouble.
* ... TRASH: Regular readers of this blog know how I feel about litter, and my post the other day about the piƱata party that left Jastro Park a mess triggered this response from Rosalyn Malamma, a teacher at Standard Middle School. "In my sixth grade classroom at Standard Middle School, the last ten minutes are devoted to cleaning the room. While we have a great custodial staff, my students need to learn to clean up after themselves. Have a gread day and keep writing!"
* ... HITCHING POSTS: Remember those old hitching posts that used to be so common around town? Deputy city fire chief Tim Lynch tells them there are two across the street from Fire Station No. 2 on East 21st Street just west of Pyrenees Bakery.
* ... MOTTO: City councilwoman Jacquie Sullivan gave me a call to promote the eighth annual fund raiser to promote "In God We Trust" as our national motto. The event will be held Thursday, July 26, at the Marriott Hotel downtown. Call Tina Miller at (661) 325-7601 for reservations.
Sunday, July 15, 2012
Californian Radio (KERN 1180) to look at Bakersfield's pension costs with City Manager Alan Tandy, and Derek Benham hits another home run in selling his wine company
* ... CITY FINANCES: Three California cities - Mammoth Lakes, Stockton and now San Bernardino - are headed to bankruptcy court thanks to the effects of the long recession and bloated pension costs. Is Bakersfield facing a similar threat and what are the prospects for our city in the longer term? I'll be chatting with City Manager Alan Tandy Monday on Californian Radio KERN 1180 to review the state of our municipal finances. Join us at 9:15 a.m. and call in your questions at (661) 842-5376.
* ... PINOT: Former Bakersfield resident Derek Benham has done it again, building a private label wine company into a national powerhouse and selling it for a nice profit. That's the word from the Santa Rosa Press Democrat that said Benham has sold his Mark West pinot noir brand for $160 million to beverage giant Constellation Brands. "The deal, one of the largest local wine label sales in recent history, marks the second time wine entrepreneur Derek Benham has built a small Sonoma County wine brand into a national powerhouse and sold it," the paper said. "In 2001, Benham and his brother, Courtney Benham, sold their Blackstone merlot wine brand for $140 million to a partnership created by Constellation and BRL Hardy. The transaction includes the Mark West trademark and inventories of wines from three California appellations: California, Russian River and Santa Lucia. Grapes from the Russian River appellation make up a small fraction, less than 1 percent, of the pinot noir produced by Mark West."
* ... HALL OF FAME: Kudos to Andrea Zander Norman who is being inducted into the Northern California Tennis Hall of Fame at Stanford University. Andrea is the daughter of Phil and MaryLee Zander and grew up on the tennis courts at the Bakersfield Racquet Club. Not only did Andrea win the Valley Doubles title with Karin Blom, but she also worked at the Racquet Club flipping hamburgers for Gerry Karr. Thanks to old friend Ginnie Eschner for sharing this bit of good news.
* ... OLYMPICS: A fund raiser to help send the family of local wrestler Jake Varner to the London Olympics will be held at the SkyBar Lounge on Rosedale Highway next week. The event is being put on by the Coyote Club Wednesday from 6 p.m. to 9 p.m. at 4208 Rosedale Highway.
* ... SPOTTED: Reader Ginny Espinoza spotted this touching scene recently involving a young hand and his dog on a hot Bakersfield day; "A young man walking with his little dog suddenly bent down to feel his doggie's feet - then put his hand on the sidewalk cement - and continued his walk with his dog in his arms! Regardless what anyone says – I love your column and look forward to reading it!"
* ... ACHIEVER: Laurie Barnes, a graduate of Bakersfield Christian High School, is spending the summer in southern France as an exchange student. She will be a junior at Hillsdale College in Michigan, where her sister Katie graduated from. Katie went on to attend George Mason University School of Law in Virginia and is preparing for the bar exam. The girls are the daughters for Brad and Julie Barnes.
* ... PINOT: Former Bakersfield resident Derek Benham has done it again, building a private label wine company into a national powerhouse and selling it for a nice profit. That's the word from the Santa Rosa Press Democrat that said Benham has sold his Mark West pinot noir brand for $160 million to beverage giant Constellation Brands. "The deal, one of the largest local wine label sales in recent history, marks the second time wine entrepreneur Derek Benham has built a small Sonoma County wine brand into a national powerhouse and sold it," the paper said. "In 2001, Benham and his brother, Courtney Benham, sold their Blackstone merlot wine brand for $140 million to a partnership created by Constellation and BRL Hardy. The transaction includes the Mark West trademark and inventories of wines from three California appellations: California, Russian River and Santa Lucia. Grapes from the Russian River appellation make up a small fraction, less than 1 percent, of the pinot noir produced by Mark West."
* ... HALL OF FAME: Kudos to Andrea Zander Norman who is being inducted into the Northern California Tennis Hall of Fame at Stanford University. Andrea is the daughter of Phil and MaryLee Zander and grew up on the tennis courts at the Bakersfield Racquet Club. Not only did Andrea win the Valley Doubles title with Karin Blom, but she also worked at the Racquet Club flipping hamburgers for Gerry Karr. Thanks to old friend Ginnie Eschner for sharing this bit of good news.
* ... OLYMPICS: A fund raiser to help send the family of local wrestler Jake Varner to the London Olympics will be held at the SkyBar Lounge on Rosedale Highway next week. The event is being put on by the Coyote Club Wednesday from 6 p.m. to 9 p.m. at 4208 Rosedale Highway.
* ... SPOTTED: Reader Ginny Espinoza spotted this touching scene recently involving a young hand and his dog on a hot Bakersfield day; "A young man walking with his little dog suddenly bent down to feel his doggie's feet - then put his hand on the sidewalk cement - and continued his walk with his dog in his arms! Regardless what anyone says – I love your column and look forward to reading it!"
* ... ACHIEVER: Laurie Barnes, a graduate of Bakersfield Christian High School, is spending the summer in southern France as an exchange student. She will be a junior at Hillsdale College in Michigan, where her sister Katie graduated from. Katie went on to attend George Mason University School of Law in Virginia and is preparing for the bar exam. The girls are the daughters for Brad and Julie Barnes.
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