The bankruptcy petition by the Northern Marianas Retirement Fund may be dismissed on the grounds that the Fund is a governmental unit and not eligible for relief.
The judge handling the petition has issued a tentative ruling, saying he is inclined to dismiss the case.
According to our correspondent in Saipan, Mark Rabago, the judge says the dismissal of this case will leave the Fund and its beneficiaries at the mercy of the Commonwealth government.
"Judge Robert Faris said that Congress did not intend the bankruptcy court to solve all the problems, least of all financial problems of a government unit. So it doesn't classify the retirement fund as a company, but looks at it as a government agency, and as such, it has to be the Government to fix it, not the federal court."
Mark Rabago reporting from Saipan
