'The fear of bankruptcy is worse than reality,' advisers say

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Patrick Shea, the attorney for the more than 175 municipal agencies in the Orange County, Calif., bankruptcy, and Emanuel Grillo, chair of Goodwin Procter's Financial Restructuring Practice, offer their perspectives on recent municipal bankruptcies in the news. In an interview with American City & County's Editorial Director Bill Wolpin, they say that many more local governments should consider bankruptcy as a solution to financial problems.

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