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County Demotes Grigsby in Bond Sale

December 04, 1996|Times Staff and Wire Reports

The Alameda County Board of Supervisors voted to replace embattled securities firm Grigsby & Associates as manager of a proposed $293-million municipal bond sale. Public Financial Management, the county's financial advisor, had recommended that Grigsby be replaced because of concerns that the sale would be hurt by allegations that Calvin Grigsby, head of the firm, was involved in a bribery scandal. Grigsby has denied any wrongdoing. The board voted to replace San Francisco-based Grigsby & Associates with M.R. Beal & Co., a spokesman said. Grigsby will still help to sell the bonds. The demotion is the latest blow to Grigsby, which has been surrounded by controversy since reports in September linked him to an alleged bribery scandal in Florida.

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