bondholders, public employees (active and retired), and other creditors affected by municipal insolvency, all of whom have a voice … voice at every stage of a chapter 9 proceeding, as taxpayers are directly and profoundly impacted by municipal insolvency …

the same territory. These crises will be worse than prior local insolvency crises, as conflicts among overlapping … insolvency crises and how courts and legislatures would respond. This Article explains how collective action problems among … overlapping local governments will make addressing simultaneous insolvency crises difficult, as jurisdictions will hold out …