My Thoughts

Statement Regarding Revised Sewer Creditor Settlement

October 31st, 2013

As we have previously discussed, an unfortunate combination of events – including adverse market conditions, unseasonably cool, wet weather, and higher than anticipated capital expenses for the sewer system – imposed significant obstacles on the County’s ability to implement the global settlement that it negotiated with various sewer creditors and embodied in the chapter 9 […]

Joint Statement on the Status of Sewer Creditor Discussions

October 29th, 2013

Last Friday, County representatives held a settlement conference call with all of the major sewer creditor groups: JP Morgan, the bond insurers, the hedge funds and the liquidity banks. During this call, County bankruptcy attorney Lee Bogdanoff described in detail the required concessions from each group in order to proceed to confirmation. The County also […]

Statement Concerning Notice of Sewer Plan Support Agreement Terminations

October 18th, 2013

  Statement Concerning Notice of Sewer PSA Terminations October 17, 2013 As all of us know, the Confirmation Hearing on the County’s Plan of Adjustment  is currently scheduled to begin on November 12.  The Plan requires that the County sell new sewer warrants sufficient to pay the existing sewer creditors approximately $1.835 billion.  This Plan […]

Reshaping County Government — The Sale of the County Nursing Home

August 28th, 2013

On June 1, 2013, the County exited the nursing home business with the sale of the Jefferson County Rehabilitation and Health Center, more commonly known as the County Home or the County Nursing Home.  The facility originally opened in the early 1930s as an alms house or “poor farm” to care for the needs of […]

The Truth About Jefferson County’s Bankruptcy Plan

August 11th, 2013

Since filing for bankruptcy protection in November 2011, Jefferson County has made significant progress on all fronts. Although the County’s $3 billion sewer debt gets most of the headlines, the County has another $1 billion in general obligation and school construction debt that has been advantageously restructured in the bankruptcy plan. This has been accomplished […]

Statement Concerning JeffCo’s Bankruptcy Plan of Adjustment and the Disclosure Statement

June 30th, 2013

In keeping with Jefferson County’s previously announced schedule, the County filed its Plan of Adjustment and the accompanying Disclosure Statement on June 30, 2013.  Subsequent to the filing, I released the below statement: “Jefferson County’s Plan of Adjustment provides the County with much needed debt relief.  The Plan eliminates more than $1.2 billion of sewer […]

What’s Holding Us Back

June 18th, 2013

On June 18, 2013, I had the distinct honor of  speaking to the Downtown Birmingham Kiwanis Club.  To read the text of the speech, entitled “What’s Holding Us Back”, please click on the below image or visit http://bit.ly/Whats_Holding_Us_Back.    

Commission Announces Important General Obligation Debt Settlement

May 17th, 2013

Yesterday, the Commission approved a Plan Support Agreement (PSA) for the 2001-B General Obligation (GO) Warrants. It reflects a negotiated settlement by and between the County and the two holders of the 2001-B GO warrant debt, JPMorgan and Bayerische Landesbank. The 2001-B GO warrants represent about $105 million of the County’s debt. The proceeds of […]

My Rationale for Closing In-Patient and Emergency Room Services at Cooper Green

February 13th, 2013

Last week, I sent a letter to state representative Rod Scott in response to his letter concerning the elimination of inpatient and emergency room services at Cooper Green Hospital.  In my letter, I explained my reasons for supporting these changes at Cooper Green.  To read my full letter to Representative Scott, please click on the […]

Commission to Consider Sewer Rate Proposal

October 29th, 2012

Earlier today, the Administrative Services Committee of the Jefferson County Commission voted 4-0-1 to place a sewer rate proposal on the agenda for a re-convened meeting of the Commission. The meeting will take place at 10 a.m on Tuesday, November 6th in the Commission Chambers. At the meeting, the Commission will accept comments from the […]