We release things drip by drip…and when I have my sewer bonds settlement statements ready for this year, I’ll release them!
Stuck at the unfortunate end of the debt-clogged sewer system of Jefferson County, Ala., you’ll find Houston Astros owner Jim Crane.
Fresh into his takeover of the Texas baseball team, Crane has been ordered by a bankruptcy judge to reveal details of his settlement with J.P. Morgan Chase & Co. over $35 million worth of sewer bonds that he bought from the investment bank four years ago—a personal investment that quickly turned to, er, garbage.
Those dirty details, which are not public, are what Jefferson County attorney are seeking amid their own fight with the bank over the complicated series of dealings that, with a little help from a corruption scheme that ensnared the county’s top elected leaders, left the county swimming in a pool of toxic debt.
Ultimately, the county—Alabama’s most populous with roughly 658,000 residents—filed for Chapter 9 bankruptcy protection, marking the largest municipal bankruptcy in U.S. history.
Crane said he got stuck with a bum deal, too, according to court documents filed in Texas state court.