SACRAMENTO - The federal bankruptcy trial involving the city of Stockton and creditor Franklin Templeton Investments didn't wrap up Thursday as originally scheduled.
With testimony lasting longer than judge Christopher Klein hoped, another day is needed for final testimony and closing statements. June 4 has been scheduled.
Even though Stockton was able to negotiate settlements with nearly all of its creditors, Franklin Templeton and the city couldn't reach agreement. Stockton borrowed more than $30 million from the investment firm for various city projects and improvements. In bankruptcy, Stockton was offering to pay Franklin about $300,000.
In court Thursday, Franklin Templeton offered a witness who appraised Stockton's golf courses and a park. He determined the city property was worth nearly $15 million.. With attorneys from both sides declining interviews, it's presumed Franklin Templeton is hoping to show Stockton could have done more with its assets to settle debts.
Retirees Joni and Mark Anderson have watched each day of the trial and every previous hearing. They're among the many city retirees who lost medical coverage as the city made serious budget cuts. They said it was important for real people to be present in court as well.
"I'm hoping the judge looks out and sees real people, not just the people making their living coming to court today," Joni Anderson, a retired police dispatcher, said. Her husband retired three years ago as a police sergeant.
Stockton's bankruptcy trial ends soon, but has lasted longer than expected. (Thursday, May 15, 2014) News10