After the Forum, Receiver David Unkovic answers James Roxbury's questions about the decision to default on the City's March 15th General Obligation Bond payments. Unkovic explains the nature of the default and how he determined to handle it. Because the bonds are insured, the Receiver arranged for the bondholders to still get paid by the bond insurer Ambac who will the $5.3 million in payments. "So now the bond insurer is another creditor of the City." The next bond payments are due September 15th on the same bonds, and the Receiver anticipates the lease and/or sale of Harrisburg assets will be settled by then.--Tara Leo Auchey

Photo/Natalie Cake