Bankruptcy Court will Hear County's
Case against Merril Lynch
December 1, 1995
Santa Ana, California -- December 1,
1995 -- Approximately one year from the date that the
County of Orange first identified an approximate $1.5
billion "paper loss" in its investment portfolio,
the county received positive news from bankruptcy court
regarding its case against Merrill Lynch -- Citrons primary
financial advisor on investments U.S. Bankruptcy Court
Judge Ryan today determined that the County' complaint
against Merrill Lynch states valid claims.
OC visits Sacramento to Demonstrate
Support for Consensus Recovery Plan
September 13, 1995
SACRAMENTO, Calif. (Monday, Sept. 11)
-- A delegation of Orange County government and business
leaders visited Sacramento today to demonstrate their
united support for the Orange County Consensus Recovery
Plan Agreement.
Board of Supervisors Approve Consensus
Recovery Plan Agreement
September 7, 1995
September 7, 1995 - Santa Ana, California
- At a special Board of Supervisors meeting this morning,
Board members gave unanimous approval to the Consensus
Recovery Plan Agreement with the Investment Pool Participants
Committee , which contains the legal terms that detail
the Consensus Recovery Plan. "The agreement is one
of two important steps toward finalizing the Consensus
Recovery Plan representing countless hours of negotiations
with representatives of pool participants ," stated
Board Chairman Gaddi H. Vasquez.
Jan Mittermeier Named Interim Chief
Executive Officer
July 14, 1995
The Orange County Board of Supervisors
announced today the appointment of Jan Mittermeier as
interim Chief Executive Officer to replace William Popejoy
at the end of his tenure. Mr. Popejoy will leave the CEO
position effective July 31, 1995. As interim CEO, Ms.
Mittermeier will act as the principal management official
for the County and primary administrative advisor to the
Board of Supervisors. The CEO is appointed by and serves
at the discretion of the County Board of Supervisors.
William Popejoy, the county's chief
executive officer, announces his resignation
July 12, 1995
Santa Ana -- July 12, 1995. It is with
considerable personal regret, I have today submitted my
resignation to the Chairman of the Board of Supervisors
effective July 31, 1995.
County Of Orange Obtains Insurance
From MBIA for Recovery Bonds
May 15, 1995
Santa Ana, California - The County of
Orange has received a commitment from MBIA, a major provider
of municipal bond insurance, to insure the County's planned
issue of approximately $275 Million of Recovery Bonds.
This transaction, when completed will represent the first
post-petition financing in the municipal bond market.
Santa Ana - CA : The Integrated Waste
Management Department (IWMD) announces the department's
intent to move forward on two major policy issues: importation
of nonOrange County solid waste and increasing the landfill
gate fee . Since Orange County ' s declaration of bankruptcy,
IWMD has been considered one of the major factors in the
County's plan to recover from the financial crisis. IWMD
is one of the County's largest assets, as well as one
of the County's biggest revenue generating mechanisms,
as it owns and operates the only disposal facilities in
Orange County.
Investment pool settlement approved
by U.S. Bankruptcy Court
May 2, 1995
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.
SANTA ANA, CA - In yet another effort
to make information regarding County government more accessible
to citizens, Orange County Board of Supervisors Chairman
Gaddi Vasquez announced that press releases, meeting agendas,
and other information will be available immediately on
the World Wide Web (WWW) site on the Internet.
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