In the sweet, heartbreaking and highly accomplished "Only the Young," premiering Monday as part of the PBS documentary series "POV," twentysomething Cal Arts alumni Jason Tippet and Elizabeth Mims return to the Santa Clarita Valley to make a film about teenagers in a distressed place and time -- and the pockets of beauty and relief they find there.
Lemann, who wrote about Reid and the Nevada race in this week's magazine, discusses why the Nevada economy is so distressed: The places that are the psychic epicenter, ground-zeros of the "sun belt" mentality — places like Florida, the Inland Empire in California, Las Vegas, places people come to on hope and go way into debt — those are the places that are the hardest hit.
The highly unusual filing ran against the plan the state had enacted, which essentially designates the city as financially distressed and places its finances under state control.
His father, William Reynolds Sr., the park's chief executive, said, "These diminished funds have impacted the company and placed it in this faltering and distressed situation".
Many of the few trades that were made did take place at distressed prices.
Large players such as Blackstone and Colony Capital have been particularly active in buying distressed properties in places like Tampa, the Inland Empire and Phoenix, in the process boosting prices.
Though its debt was for many years attractive to mutual funds and conservative institutional investors, so called "vulture funds," which seek out distressed assets in places like Greece and Argentina, have recently taken on an outsize role in Puerto Rico, buying stakes from their original holders at steep discounts.
The state deemed the city financially distressed last year and placed it under a Pennsylvania statute called Act 47, which eventually gives access to state money and requires an outside financial adviser to carry out a financial recovery plan.
City acquisitions have essentially stopped as the city either sells tax liens to private collectors or moves to place distressed tax-delinquent housing in new hands -- nonprofit or for-profit -- through a system that short-circuits city ownership and management.
