Investment Pool Settlement
Approved by U.S. Bankruptcy Court
Santa Ana, CA - Gaddi
Vasquez, Chairman of the Board of Supervisors announced
today, the United States Bankruptcy Court gave its approval
of the Comprehensive Pool Settlement entered into between
the County and 241 pool participants. The settlement,
which is one of the largest ever presented to a bankruptcy
court, resolves approximately $7.4 billion in disputed
claims upon consummation. The settlement will enable pool
participants to receive an immediate cash distribution
of about 77 cents of their investment balance. Participants
will receive additional consideration in the form of recovery
notes, repayment claims and settlement secured claims.
The settlement also enables the County administered accounts,
i.e., pool accounts maintained by the County for its departments
and other uses, to receive cash distributions of about
$1.7 billion.
Supervisor Vasquez, stated "We are very pleased that
the County has won approval of the settlement. This is
another important step in the County's road to full recovery."
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