A statewide concern: Illinois’ population decline outpaces neighboring states – Wirepoints on ABC20 Champaign
“We are not in good shape” Wirepoints’ Ted Dabrowski told ABC 20 Champaign during a segment on Illinois’ latest population losses. Illinois was one of just three states to shrink in the 2010-2020 period and has lost another 300,000 people since then. Ted says things need to change. “It’s too expensive to live here, there aren’t enough good jobs and nobody trusts the government anymore. There’s just other places to go where you can be more satisfied.”
Totally agree. One problem is that those other groups are not represented. In a proper insolvency proceeding a committee would be appointed to represent them and they would have their representation paid for by the estate.
I did look at those guaranty provisions. As I lawyer, I would say that if this was done in the private sector they would likely be invalidated as fraudulent conveyances or preferential transfers. With no state bankruptcy possible that cannot happen through the normal process, but perhaps there is a common law notion of fraudulent conveyance that should apply. Other creditors should be screaming.