Thursday, March 31, 2016

The saga of Tim Lehrman is well known in your county

Dear Mr. Maley,

The saga of Tim Lehrman is well known in your county as one of the dark moments.   It started with a business take=over.   Rather than use the conventional method of dissolving a partnership, Mr. Lehrman's partner used a version of the Chicago method.   Using clout and a little grease Tim was declared incompetent.  A guardian was appointed and the business was sold.  When the economic incentive disappeared the guardian abandoned his ward without a properly noticed finally accounting and an order terminating the guardianship and restoring Tim to being a "person."     

Thus, Tim became the youngest person to be 'elder cleansed.'   Stripped of his substantial estate, Tim fought to protect the elderly and the disabled from similar outrages such as he was and is enduring.

About a week ago, friends who Tim had assisted in resisting the American Holocaust and the great American cover=up once again was victimized.   He was picked up by the local police department on what appears to be illegal warrants relating to offenses that occurred 17 years ago.   As Tim at all times relevant has been a resident of the county, it is obvious to us that 18 USCA 241, 242, 371 were violated (see also 42 USCA 1983).   The details of Tim's incarceration are still being investigated but we do know that Tim was seized, placed in jail, denied competent counsel, denied bail, and denied the reasonable accommodations required under the Americans With Disabilities Act.   (The fact that Tim is competent means nothing as the Indiana Court has corruptly declared him to be incompetent)

We have appealed to the local authorities to do what is right and to re-mediate what appears to be a serious assault on Tim's Constitutional Rights.   

For you information, I've copied a portion of the blog MaryGSykes, to wit:

Why is Tim Lahrman a “disabled adult” in Indiana–read his press release!

Posted on 
Tim Lahrman is one of the most intelligent, thinking and philosophical persons I know.  His cognitive skills are excellent and have been through the many years that I and others have known him.  But, back when he was young, he built up a very successful and profitable electrnoics business.  He ran it successfully.  Bad news for him, he had an evil greedy brother with an evil greedy attorney and a rubber stamping court. So despite his prowess and business accumen, that meant nothing to a probate judge and next thing he knows, at approx. age 21, he is stamped a “disabled adult”, primarily due to the fact that the court was told he uses cannibis setiva for recreational purposes.  Now coming to the age when medical marijuana is starting to become a right and a recognized and effective treatment and cure for problems from depression and anxiety to cancer, and it it generally perceived as quite safe in use, the faud on the court of Tim Larhman being adjuicated disabled is fairly absurd and bespeaks very little about the Indiana probate system as being a massive, decades long fraud on the court.  Since his brother stripped every dime out of that business, together with court connected attorneys, and drove the business into the ground quickly,   Tim has dedicated his life to writing briefs, complaints, grievances and other advocacy items for probate victims and their terrorized families.
Recently, he has filed an Americans With Disabilities complaint in Federal Court in Indiana, an excellent pleading that even many highly skilled attorneys would be jealous of.  I will try to publish the complaint so that it helps other court victims in similar situations.
Here is his intelligent, well written Press Relase concerning his case.  Whatever the
State of Indiana thinks about him is “disabled” is light years from reality.  It bespeaks the ramapant corruption of probate laws when used in probate court where black can be white and all the judges and court connected attorneys will pat themselves on the back making such a superior agreement between themselves.
Tim L. and I am here to say the corruption of probate law usage has no clothes.
FOR IMMEDIATE RELEASE
January 21, 2015
Elkhart Indiana: DISABLED RESIDENT SUES TO BE INCLUDED
Not many people want to be named in a lawsuit but such is not the case for Elkhart County resident Tim Lahrman — he has sued to be included. That’s right, he has sued because he wants to be sued and in an odd twist of justice Lahrman, who is disabled, has sued the Elkhart County Superior Court No. 2 (Stephen R. Bowers, Judge) for excluding him from participating in an ongoing lawsuit involving Lahrman’s Elkhart home and residence of twenty-two-plus (22+) years.
Title II of the Americans’ With Disabilities Act 1990* (“ADA”) prohibits state and local governments from discriminating against the disabled and excluding the disabled from an equal opportunity to access, participate in, benefit from and effectively communicate with, any of the “services, programs and activities” of a public entity – the state and local courts included. In a 2011 Title II ADA case involving the City of LaPorte, U.S. District Court Chief Judge Robert L. Miller, Jr. agreed with those disabled plaintiffs, who were suing over access to city sidewalks, and found that “everything government does is a program, service and activity of a public entity.” The ADA is not so completely one-sided however and there are exceptions and affirmative defenses recognized by the ADA which in fact limit a public entity’s liability under the ADA but, by and large, the U.S. Supreme Court has said, “[I]n sum, Title II requires … special accommodations for disabled persons in virtually every interaction they have with the State.”
Filed on January 20, 2015 in the U.S. District Court for the Northern District of Indiana, South Bend Division, Lahrman’s lawsuit did not stop with just Judge Bowers and the Elkhart Superior Court No. 2, Lahrman likewise sued the Elkhart County Circuit Court and Judge Terry Shewmaker who Lahrman says in his lawsuit – excluded Lahrman, because of his disability, from equal access to participate in equally, benefit equally from and effectively communicate equally effectively with, the services programs and activities of the public entity Elkhart County Circuit Court. The lawsuit also names defendant the Chief Judge of the Indiana Court of Appeals, the State of Indiana, the Office of Indiana Attorney General and the Indiana Supreme Court Division of State Court Administration which, according to Lahrman’s lawsuit, “serves the public in a consumer protection capacity by administratively regulating Indiana attorneys and judges so as to ensure for the Indiana public an educationally qualified and professionally competent judiciary” – a responsibility that according to Lahrman the state of Indiana as a public entity is failing miserably where disability discrimination and ADA compliance are involved.
In the ninety-plus (90+) page federal lawsuit filed by Lahrman who has no attorney and is appearing pro se in representation of himself, in addition to the Title II disability discrimination claims against state and local public entities Lahrman also sued the Federal National Mortgage Association (“Fannie Mae”), Ocwen Loan Servicing, LLC and Green Tree Servicing LLC (as successors of GMAC Mortgage LLC) for; violations of the Fair Housing Act; violations of both
federal and state consumer protection laws; and, as relating to Fannie Mae, for violations of the Housing and Economic Recovery Act 2008 (“HERA”).
The case of Timothy J. Lahrman v. Elkhart County Superior Court No. 2, Stephen R. Bowers, Judge, et al. [Case No. 3:15-cv-026] will be one worth watching for it may well have far reaching implications for both the community of disabled individuals and American homeowners all across the nation. Residing quietly in the Michiana community since 1989 Lahrman has dedicated his retired life to the study and research of both the history and law of guardianship/conservatorship. Lahrman is among the nation’s leading advocates working for reform and accountability in the law and practice of guardianship/conservatorship which according to Lahrman is an experience he would not wish on his own worst enemy. According to Lahrman more than a million American adults are under guardianship/conservatorship is every state in the country and in ever y state in the country families are crying foul – just as are the shareholders in Fannie Mae crying foul — about the conservatorships/guardianships that are so negatively impacting the lives of millions of Americans.
____________________________________
Pursuant to 18 USCA 4 I have forwarded the information concerning the Tim Lahrman affair to the Justice Department and the Federal Law Enforcement authorities (FBI).
 

Why Anderson Cooper Won’t Inherit Any of the Vanderbilt Fortune

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Anderson Cooper comes from American royalty, but says he won’t ever see part of the Vanderbilt family’s lavish fortune – and he’s totally okay with that. 

Sitting alongside his mother Gloria Vanderbilt in a recent interview with PEOPLE andEntertainment Weekly editorial director Jess Cagle, the journalist revealed that he was told by his parents at a young age that he wouldn’t receive an inheritance. 

“I think my mom and dad both wanted to get across to me that … I obviously grew up with great privilege and was very lucky and was able to afford college and not have student loans and they would pay for college, but beyond that, it would be up to me to make a living,” said Cooper, 48. 

Gloria, 92, is the great-great-great granddaughter of shipping tycoon Cornelius Vanderbilt, and grew up under the custody of her aunt, Gertrude Vanderbilt Whitney. Her fourth marriage was to writer Wyatt Cooper, Anderson’s father, which lasted until his death in 1978. 

Of his parents’ insistence that he make his own way, Cooper told Cagle, “I was always very appreciative of that because I never – I always looked at people who inherited money and they never seemed to really accomplish much on their own and it seemed to sort of change the person they were. 

“I’m glad I never had that expectation hanging over me or that safety net to fall back on,” he continued. “I always thought, ‘I’m on my own and that’s the way it should be.’” 

And the star took initiative at a young age, working as early as age 11 or 12 as a child model for brands like Ralph Lauren and Calvin Klein. In addition, Cooper saved money from lemonade stands and worked as a waiter in high school.

“It was important to me and I think important to my parents that I be on my own and figure things out on my own and kind of forge my own path, and I’m really grateful for that,” he said.

The Bruce Report- Volume 93

The Bruce Report- Volume 93

The Regular Guys Movie Reviews
Batman Vs Superman- 2 Little Brucies
Disappointing film and terrible performances by Jesse Eisenberg as Lex Luther, Henry Carvil as Superman and Gal Gardot was no Linda Carter as Wonder Woman! Ben Affleck did a credible portrayal as Batman! Not a good story!
My Big Fat Greek Wedding 2- 2.5 LBS
Ok sequel of mom  and pop getting remarried! Same characters! Kind of cute! Nice family wedding!  
Bertucci Easter!
We celebrated Easter as my Sister in-Law Dori's house! And while it was our first Easter without Bruno, A good time was held by all 16!
Dori under my guidance "
( Not Really) prepare a delicious dinner! And there was a lot of good news!
Niece Michelle was promoted to supervisor at her logistic company!
Niece Allison was hired as program supervisor at Comcast Sports Net!
Cousin Darcy was hired by Nike and is moving to Portland Oregon!
Step Son Zack was hired as the Chicago Rep for a New York company!
Son David is producing a Television Pilot that he is hoping to sell to the networks or stream! It has stars Parker Stevenson and Martin Kove " The bad SenSei in The Karate Kid" as two of the leads! Also someone you all Know and Love will be heading for Los Angeles to perform a small speaking part in early May!
Lynne has just completed two years at The Zodiac Room in Neiman Marcus and still loves working days only!
Finally in a huge upset Connie "Chick" Zenezek won the eggs cracking contest beating her favorite son Danny in the finals! Sorry Danny! That's how the egg cracks!

My Fearless Baseball Predictions
National League
East- Washington
Central- St Louis
West- San Francisco
Wild Cards- Cubs- Pittsburgh
American League
East- Yankees
Central- Kansas City
West- Angels
Wild Cards- Red Sox- White Sox 
World Series Cubs Vs White Sox
Winner Cubs Two days later the world ends!

Sometimes I Think Too Much
Never pretend your something your not!
Stay Active! After you retire there is only one big event left! I am not ready yet!
My Little Brother Scott took so long to graduate from SIU that he was there during four Presidents! Nixon, Ford, Carter, and Reagan!
I could have been a Rhodes Scholar except for
my grades!
A Government that robs Peter to pay Paul, can always count on the support of Paul!
No matter what towns i go to, the worst drivers always seem to follow me!
Growing up every time i seem to get my room exactly how i wanted it, my Mother made me clean it up! 
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Use this space to add contact info or a brief closing remark.
Bertucci's Italian Steakhouse, 246 Green Bay Road, Highwood, IL 60040
Sent by bertuccishighwood@msn.com in collaboration with
Constant Contact

Illinois House Speaker Mike Madigan claims to be the protector of the middle class.

Illinois House Speaker Mike Madigan claims to be the protector of the middle class.
Problem is, the speaker’s definition of “middle class” doesn’t resemble the true makeup of Illinois’ working families. For Madigan, “middle class” means “government workers,” and he prioritizes appeasing government workers over reducing the tax burden and increasing economic opportunities for all Illinoisans.
Just look at his track record. Madigan opposes the very reforms that would benefit Illinois’ middle class most: a property-tax freeze to provide relief from the third-highest property taxes in the nation, term limits for politicians, and economic policies that make the state more business-friendly and create more jobs.
Instead, Madigan wants billions of dollars in tax hikes to feed the state’s unsustainable government-worker pension system, which is $111 billion in debt.
But the best proof of Madigan’s true loyalties lies in his actions surrounding the state’s contract negotiations with the American Federation of State, County and Municipal Employees.
Madigan wants the private sector to pay for more than $3 billion in state-worker salary, health-insurance and pension benefits under the new AFSCME contract, even as Illinoisans suffer in a state with the nation’s second-worst jobs recovery. AFSCME’s leaders want four-year raises ranging from 11.5 to 29%, a 37.5-hour workweek, five weeks’ vacation and enhanced health care coverage – benefits that are far out of line with what Illinoisans working in the private sector can afford to pay for. Not to mention these additional benefits would come on top of the unsustainable salary growth AFSCME workers have already seen.
Madigan’s influence has led to years of economic hardship for Illinois taxpayers, who are forced to prop up benefits for government workers.
AFSCME’s Cadillac benefits
Over the past decade, state AFSCME worker salaries grew by more than 40%, even as private-sector earnings remained virtually flat.
AFSCME workers also receive other benefits that overburden state taxpayers.
The state, meaning taxpayers, provides government workers generous health insurance plans – often with no deductibles. Government workers also pay for only about 7% of the cost of their coverage, according to a study by The Pew Charitable Trusts, while taxpayers cover the other 93% of state-employee health care costs.
These state-run plans offer the equivalent benefits of a private-sector “platinum” health care plan, the most generous plan available through health care exchanges.
In addition, most state workers get free health care when they retire – a benefit that’s virtually unheard of in the private sector.
For state employees who work more than 20 years, taxpayers pick up virtually 100% of their health insurance during retirement. The current value of those benefits to a state worker equals anywhere from $225,000 to $500,000, depending on when a worker retires.
A decade of private-sector pain
Those generous state-worker benefits were paid for by a middle class that suffered economically from 2003 to 2014 – a decade when Madigan virtually controlled state government. That’s when Madigan had majorities in both legislative chambers and Democratic governors in Rod Blagojevich and Pat Quinn. Their combined legislative agenda – more debt and taxes, a bigger public sector, and the avoidance of structural reforms – remained in full swing until January 2015, when Gov. Bruce Rauner took office.
That 11-year period ushered in one of the worst economic performances of any state in the nation. Under Madigan’s leadership, Illinois’ credit rating was downgraded 16 times, the state’s pension crisis became the worst in the nation, and Illinoisans suffered the nation’s worst post-Great Recession jobs recovery – all while residents faced a record income-tax increase in 2011 and the nation’s second-highest property taxes.
From 2003 to 2014, median household incomes in Illinois actually fell. When taking inflation into account, Illinoisans had to deal with a $3,000 drop in their real incomes.
Illinoisans also saw their source of jobs dry up. Though every neighboring state suffered during the Great Recession, Illinoisans suffered through the worst recovery of any state in the country. Between 2003 and 2014, Illinois employment fell by over 150,000, according to the federal Bureau of Labor Statistics – a far higher number than any of its neighbors.
Much of the pain felt by Illinois’ middle and working classes has been due to the state’s loss of manufacturing jobs. From 2003 to 2014, Illinois lost more than 100,000 manufacturing jobs on net, many to its neighboring states. Higher workers’ compensation costshigh property taxes and an unfriendly business climate have contributed to that collapse.
Illinois’ poor economic performance left more than 16% of state’s residents dependent on food stamps to feed their families, the highest ratio in the Midwest. The number of food stamp recipients in Illinois doubled to more than 2 million from 2003 to 2013.
Despite their economic struggles, Illinoisans were also hit with increased taxes. Illinois property taxes – now among the highest in the nation – rose 45% from 2000 to 2013. And in 2011, Illinois’ politicians passed a record income-tax hike that took $31 billion in additional dollars out of taxpayers’ pockets.
That tax hike, despite politicians’ promises, failed to fix the state’s pension crisis, pay off Illinois’ unpaid bills or spur an economic recovery.
The importance of AFSCME contract negotiations
The next AFSCME contract has deeper implications than simply what costs will be imposed on the state and taxpayers.
What happens with the next AFSCME contract will determine whether Illinois will continue to follow the same failed policies of the status quo or finally enact the reforms needed to bring jobs and growth back to Illinois.
Ironically, Madigan said in December 2015: “I don’t think any government should be in the business of lowering wages and the standard of living.”
He was talking about the AFSCME contract, sticking up for his government-worker “middle class.” But what Madigan refuses to acknowledge is that his agenda of failed policies has had the effect of crushing the state’s true middle- and working-class residents’ wages and growth in Illinois.
Taking care of the middle class means giving it a chance to grow again – and that means Madigan must embrace economic and governmental reforms that make all Illinoisans, not just those in the public sector, more prosperous.

Ted Dabrowski
Vice President of Policy

Wednesday, March 30, 2016

Senate passes Valesky-sponsored elder financial abuse legislation

Editor's note: Your ProbateShark believes this well-meaning legislation would never work in the fertile corrupt atmosphere of the Probate Court of Cook County.  That court system is set up to squeeze the life's blood from helpless, disabled, aged and dying.  Lucius Verenus, Schoolmaster, ProbateSharks.com

 

Senate passes Valesky-sponsored elder financial abuse legislation

David J. Valesky
David J. Valesky
Legislation sponsored by Senator David J. Valesky (D-Oneida) protecting seniors from financial abuse passed the Senate on March 22. The bill would authorize banks to refuse any transaction of moneys if a banking institution, social services official, or law enforcement agency reasonably believes that financial exploitation of a vulnerable adult is occurring.
Persons over the age of 65 are the fastest growing segment of the American population. While senior citizens constituted only 4% of the total population in 1900, by 1994 the proportion of seniors in the united States had grown to 12.5%. By 2050 almost 25% of all Americans will be over age 65.
Evidence suggests that there may be a surprisingly high percentage of senior citizens who are, either intentionally or unintentionally, mistreated by family members or institutional caregivers or who, of their own volition, are neglecting their own basic custodial needs. This maltreatment can take many forms, ranging from physical and psychological abuse to neglect to financial abuse and exploitation. The loss of one’s financial assets can have a severe long-term impact on a senior’s well-being and quality of life. Data obtained by the New York State Office of Children and Family Services project a surge in the number of cases of financial abuse by the year 2030, with nearly 200,000 incidents predicted to occur.
In order to combat these rising trends and to protect even more elderly individuals from becoming future victims themselves, Sen. Valesky proposed legislation that would authorize banks to refuse suspicious transactions.
“We are seeing increasing incidences of elder abuse, and we must do all we can to stop this disturbing trend,” Sen. Valesky said. “This bill will establish a new protection for our elderly citizens and give law enforcement officials an additional tool to pursue and prosecute those who would take advantage of and harm adults who are unable to protect themselves.”
Financial elder abuse manifests itself in many ways. Often, the perpetrators are family members of or have a close relationship with the victim, who may depend on them for care, depressing the number of reported cases. If you or anyone you suspect may be a victim of abuse, contact the authorities or call Vera House’s 24-hour crisis hotline at315-468-3260.

Tim Lahrman is a citizen of the State of Indiana

Tim Lahrman is a citizen of the State of Indiana  - and he lived not too far from the ND campus.   In fact for while he used the ND Law library on a regular basis.   Tim had a problem. He had been a successful businessman, but, his brother (partner in the business) desired to eliminate Tim from the business.

You of course are well aware that Chancery Suits to resolve business disputes are not only time consuming but require compliance with such technical stuff as contracts, partnership agreements, addressing creditors etc.   However, it is much easier to 'pay off' a clouted political figure and have your partner/brother declared in need of a guardian.   The corrupt jurist presiding over the fiasco is an easy co-conspirator and immune under most State laws.  Ergo, Tim wound up being declared a disabled person and had a guardian appointed for him.   

If the clout is heavy enough the Petitioner for the victim's guardianship is able to subvert any efforts on behalf of the victim.   This is what happened in the case of Tim Lahrman and for the next several decades Tim was a disabled person having a guardian.   Of course when the money ran out, the guardian just abandoned his appointment.    It appears that in Tim's case this happened, but the heavy clouted guardian failed to restore Tim or file the appropriate final accounts.

Recently Tim raised the issue!   The Court in Indiana played the catch 22 game.   (If you look into the matter you will see what I mean).

Apparently Mr. Lahrman hit a nerve.    Several weeks ago he was arrested in Goshen, Indiana on 17 year old drug possession charges (misdemeanor) and for 17 years ago or more driving without a license.   Since then he has languished without bond and apparently without a lawyer in the Goshen City jail.   Attempts by journalist Janet Phelan to obtain the records in this case have been thwarted, however, Texas Attorney Candice Schwager has obtained a promise of the records - Attorney Schwager also demanded a wellness check on Mr. Lahrman.   (It is not uncommon for people in Mr. Lahrman's situation to develop terminal illness or suddenly opt for assisted involuntary suicide)  

ND has an excellent law school and has many students who enhance the reputation of the school. It would be very helpful to the protection of the Rule of Law and the protection of the core values of our American democracy if the University would join with Ms. Schwager, myself and the other members of the great unwashed and seek a restoration of Mr. Lahrman's civil rights.

Unfortunately, this side of America is not disclosed in the law school classes and the venality of corruption is hidden from the consciousness of the 2nd oldest profession on a regular basis.    I personally was not aware of the guardianships for profit and their elder cleansing tactics until late in the fourth decade of my personal law practice.  (I practiced for 53 years).    My own naivety is no excuse - elder cleansing is a serious matter.   

I refer you to the Probate Sharks, NASGA, MaryGSykes blogs and the four GAO reports on the subject.

Thank you for your courtesy, 
   
 

Tuesday, March 29, 2016

Valeant CEO Gets Subpoena from Senate Aging Committee


 

Valeant CEO Gets Subpoena from Senate Aging Committee

SCMP CORT ARQL VRX
Trades from $3
Shares of Valeant Pharmaceuticals International, Inc. (VRX - Analyst Report) dropped 7.2% after the company’s chief executive officer (CEO), J. Michael Pearson, received a subpoena from the Senate Aging Committee.
The CEO has been asked to testify before the committee on Apr 27 in connection with the price hike issue. We note that this is the third hearing in a row that the committee is conducting to investigate sudden aggressive price hike of Rx drugs that have been around for decades.
The first hearing of the series was held in Dec 2015. The bipartisan investigation primarily focused on pharmaceutical companies that operate more like hedge funds than traditional pharmaceutical companies. The second hearing took place on Mar 17, wherein the committee analyzed the monopoly business models of Turing and Retrophin, both of which were formerly headed by Martin Shkreli.
We note that the company has been under the spotlight since Aug 2015 for all the wrong reasons like a price hike of specialty drugs, erroneous financial reporting, and termination of contracts with Philidor Rx Services. However, at each step, it seems that the going just got tougher for Valeant.
Specifically, in Oct 2015, the company came under focus because of a massive price hike of two of its drugs – Isuprel and Nitropress – which were acquired from Marathon Pharmaceuticals. Valeant was accused of having followed the same business model as Martin Shkreli, whose company had spiked the price of Daraprim from $13.50 to $750.
Last week, Valeant announced that Pearson will leave the company and the search for a new CEO is ongoing. The company has also slashed its guidance for the first quarter due to continued inventory destocking in the dermatology and gastrointestinal businesses, and revenue shortfalls in several businesses such as ophthalmology and women's health, along with weak sales of drugs like Solta and Obagi. In addition, management transition issues and persistent organizational distractions are expected to impact business during the quarter. Valeant has trimmed its full-year outlook as well.
Amid all this mess, William A. Ackman, the CEO of Pershing Square Capital Management, L.P., has joined Valeant’s board of directors, effective immediately. We note that Pershing Square Capital Management has a 9.0% stake in Valeant.
Management has also indicated a likely credit default in the event of a delay in Valeant’s regulatory filings (10-K). The company’s credit agreement and bond indenture contain financial reporting requirements that may be impacted by a delay in the filing of its 10-K. As Valeant expects to file its 10-K by Apr 29, 2016, it intends to seek a waiver from lenders under its credit facility.
Valeant currently carries a Zacks Rank #5 (Strong Sell). Some better-ranked stocks in the health care sector include Corcept Therapeutics (CORT - Analyst Report), Sucampo Pharmaceuticals (SCMP - Analyst Report) and ArQule, Inc. (ARQL - Snapshot Report). All three stocks sport a Zacks Rank #1 (Strong Buy).

Fitch lowers Chicago credit rating to 1 step above junk

 Editor's note: This Shark believes that the Probate Pirates working for the corrupt Probate Court of Cook County now will have to work harder to fleece the wards of the court in order to make up the shortfall.  Lucius Verenus, Schoolmaster, ProbateSharks.com                   


March 29, 2016, 7:53 AM

Fitch lowers Chicago credit rating to 1 step above junk

CHICAGO - Chicago's credit rating has been downgraded to one step above junk grade by Fitch Ratings after the Illinois Supreme Court struck down Mayor Rahm Emanuel's reform plan for two city pensions.
Fitch lowered Chicago's rating from BBB+ to BBB- on Monday, increasing the cost of borrowing.
Fitch said it believes Thursday's ruling "was among the worst of the possible outcomes for the city's credit quality" and made clear the city's "responsibility to fund the promised pension benefits."
It said the rating could stabilize at BBB- if the city presents "a realistic plan that puts the pension funds on an affordable path toward solvency."
Emanuel spokeswoman Carole Brown noted Fitch points out the city's improved finances, adding its ability to meet its current commitment to the pension funds "has not changed."