Demand letter

This story says that Wells Fargo is demanding Stockton make its bond payments, even though the bank repossessed the three parking garages because Stockton suspended its payments. It comes in the form of a demand letter, or a claim to the city, to which Stockton has 45 days to respond.

But long before that clock ticks down, Stockton will likely have petitioned for bankruptcy, and this will all evaporate.

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