Stockton Golf Courses Worth $4 Million as Debt Guarantee

Stockton, California’s public golf courses are worth only $4 million, not enough to cover $36 million owed two Franklin Resources Inc. funds, a bankruptcy judge ruled in a case pitting the state’s pension system against Wall Street creditors.

To contact the reporter on this story: Steven Church in Wilmington, Delaware at

To contact the editor responsible for this story: Fred Strasser at

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