“… Chicago has joined the list of Illinois municipalities having state money intercepted to cover alleged pension underfunding. It’s the latest example in the expanding story of how pensions and municipal bondholders are locking up key assets of financially troubled cities and towns across the state. … Pensions and bondholders are playing the insolvency game smartly (from their perspective), as we’ve written often. It’s all a matter of getting ownership, liens or some kind of priority on anything and everything of value before things blow up. When that happens, they’ll get paid first.”