A 4-0 vote passed the resolution that basically removes the current legal team, puts bankruptcy lawyers in place, and authorizes Governor Bob Riley to take one last shot at negotiating with the creditors.
"The final option would be Chapter 9, but in the meantime we're going to have some powerful help in these negotiations with Wall Street," said Jefferson County Commission Bettye Fine Collins.
The county commission is hoping for a different outcome from previous negotiations. However, State Retirement System CEO David Bronner believes it is a proponent of bankruptcy and he maintains that prolonging bankruptcy only digs a deeper hole.
Since day one, Commissioner George Bowman has opposed bankruptcy. He only hopes the Governor can make the last straw count.
