Press Releases

Investment Pool Settlement Approved by U.S. Bankruptcy Court

County Executive Office - Press Release

COUNTY OF ORANGE   FOR IMMEDIATE RELEASE
May 2, 1995

Investment Pool Settlement Approved by U.S. Bankruptcy Court


(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.

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."