A new twist in the sewer debt crisis

BIRMINGHAM, Ala. (WIAT) -- It's enough debt to make most people's heads spin, causing fear for thousands of ratepayers in Jefferson County, but according to a group who filed suit this week, there is a solution.

Calvin Grigsby is a financial expert who says state law violations, along with corruption, invalidate a good portion of the multi-billion dollar debt.

What this means, according to Grigsby, is the sewer debt should be more than a billion dollars less than what it currently is and he hopes the court agrees.? Grigsby says can be refinanced by a group of investors who are ready to take action.? Pastor Michael Wesley of The Greater Shiloh Missionary Baptist Church believes this is the only real solution to protect the poor in Jefferson County.

Grigsby is leading this effort and has actually been investigated by the Securities and Exchange Commission and has had two federal indictments brought against him.? He has been cleared of wrong-doing every time, however.? Grigsby's firm was established in 1981 and is the nation's oldest minority-owned, full-service investment banking firm.

Source: http://www.cbs42.com:80/content/localnews/story/A-new-twist-in-the-sewer-debt-crisis/WUSga42thUKOBufG9OkukQ.cspx?rss=1659

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