Central Falls, R.I., city councilors failed at their latest attempt to take back control of the struggling Providence suburb's finances, which fell to a state takeover nearly two years ago, Dow Jones DBR Small Cap reported today. Bankruptcy Judge Frank Bailey decided not to intervene in the power struggle between the warring governments out of "respect for state law" that led a receiver to take over the city's finances. Judge Bailey said he would abstain from ruling on the request from city councilors to remove the state-appointed receiver, effectively rejecting their bid to have the receiver ousted.
