Hartford Connecticut is SOOOOO Effed

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The City of Hartford Connecticut has hired Nancy Mitchell ofGreenberg Traurig LLP to help it navigate its options, including a potential Chapter 9 filing. The city has $672mm of debt (excluding a $70mm guarantee of the local minor league baseball team stadium (W.T.F.)). The city's bonds have traded up (enter distressed investors here) and the state is considering a 60 bps sales tax increase. Why has all of this happened? This has some good information and, we might add, it definitely does NOT serve as solid PR for finance recruiters. Meanwhile, Illinois finally passed a budget - over the governor's veto. 

Hartford Connecticut is F*cked and Houston/Dallas Are Dealing

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Hartford officials are turning over rocks looking for loose change at this point as they try and plug a projected $40mm budget shortfall. Anyone know which law firm they've hired for the inevitable Chapter 9? If so, email us! Speaking of bad municipal situations, it looks like Dallas and Houston will get a temporary reprieve financed on the back of pensioners. At least there is some sensibility being baked into "return" assumptions. We bet the numbers will still be way off. They always are.