(Santa Ana, CA) - 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 -- Citron's primary financial advisor on investments.
(Santa Ana, CA) - 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.
(Santa Ana, CA) - 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.
(Santa Ana, CA) - 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) - Gaddi Vasquez, Chairman of the Board of Supervisors, announced today that 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) - The Integrated Waste Management Department (IWMD) announces the department's intent to move forward on two major policy issues: importation of non-Orange 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.
(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.