melissa: you think calpers fails in this situation? >> i do. melissa: this will not be the only time we'll see this tried. >> absolutely not. melissa: someone else will try. they will find a law and a way not to pay this down the road. if not san bernardino it will be someone else. >> i think a precedent will be set here. whenever there is bankruptcy what is it about it is about reorganizing and restructure turing your debt so it is manageable and you can afford it. where you have aontractual obligation by the state, look it defined benefit. you have to pay it, i think what they will end up doing structuring in such a way it frees up theirable to do this. hear is the laer question, melissa --. melissa: how would that work though? >> ultimately, there is all kind of creditors, right? you have debtor creditors. you have creditors who are owed money. me creditors who are owed money in the priority chain, list of priorities they're way down. but when you have commitments, you have to honor those commitments. this is a commitment that no to get out