Update 4:34 p.m.: Until today, the largest municipal bankruptcy in American history was in Stockton, California, which earlier this year sought protection from more than $1 billion in debts.

I want one of these, quite badly. The only real problem is that when you pick up something like a used 135i and drop a couple mods on it you can make pretty crazy power. I think the 135i is going to be a future cult classic, like the e30 and original GTi are. Small, tossable, excellent driving dynamics, and one of…