Shouldn't bankrupt Stockton CA pay bondholders first?

Shouldn't bankrupt Stockton CA pay bondholders first?
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Answer :

I think the bondholders should be treated like any other creditor and paid the same as any other secured creditor. If they get 50 cents on a dollar the bondholders get 50 cents. The bonds were probably paying a high interest rate and that attracted greedy investors. Well they should have done their homework and looked at the credit rating or the financials if they were available.
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