Jefferson County, Alabama defaulted on approximately $3.2 billion in pledged revenue bonds ("Sewer Warrants") that were initially issued to fund capital improvements to Jefferson County's sewer system.
Waller represented the indenture trustee in connection with litigation that arose from the defaulted bonds, and resulted in a $512 million judgment against Jefferson County and the appointment of a receiver to control and administer Jefferson County's sewer system. The litigation concluded when Jefferson County confirmed a chapter 9 plan of adjustment supported by more than 95% of the aggregate principal amount of all outstanding Sewer Warrants. At the time of the filing in November 2011, Jefferson County was the largest municipal bankruptcy on record.
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