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Doug Gillette was quoted in an article, "Assured Says It's Open to a Hartford Debt Restructuring," published in The Bond Buyer. As the article reports, Assured Guaranty Municipal Corp. recently told Hartford officials it is willing to discuss bond restructuring as an alternative to bankruptcy. Remarks made by Gillette, chairman of Day Pitney's municipal finance practice group, during a recent panel discussion on municipal distress at the University of Connecticut School of Law were quoted. In that discussion, Gillette warned about issuers using restructuring as a crutch. "It's a fiscal tool that can be very much misused," Gillette said. "There's such a potential for abuse." Since a 2002 state law threw out many amortization requirements, Gillette added, "you saw a pattern of a lot of what they call scoop-and-toss refundings. Eventually that comes home to roost."
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