CALIFORNIA | LOCAL
March 2, 2000 |
The city has put its $3-million share of the Orange County bankruptcy settlement in a state investment pool while officials consider the best use of the money. Council members have differing views on what to do with the settlement, calling for it to be spent on parks, roads or to offset a reduction in the city's utility tax. City Administrator Bob D'Amato has proposed that it remain invested and that the city use the interest it earns for various projects.
July 25, 1998 |
The current head of Merrill Lynch & Co. not only knew of the high investment risks Orange County was taking two years before its bankruptcy, he also helped devise a company plan for dealing with then-Treasurer Robert L. Citron, according to sworn depositions made public this week.
June 19, 1996 |
One little, out-of-state drug outfit sees some big opportunities in Orange County. Golden Pharmaceuticals Inc., a Golden, Colo.-based maker of drugs using radioisotopes, has invested in three companies here and expects to nearly quadruple its revenue in the fiscal year ending Aug. 31, said Glen Weaver, chief financial officer. Golden had earnings of about $1 million on sales of $4 million in its previous fiscal year, he said.
April 1, 1995 |
A major credit rating agency criticized the county's fiscal recovery plan in a report Friday that said the plan would not prevent the county from defaulting on its bonds and includes no solid alternatives if parts fall through. "Even if all of the elements of the announced recovery plan are put into place as expeditiously as possible, it appears impossible for the county to make full and timely debt service payments this summer," the 10-page report by Moody's Investors Service said.
March 30, 1995 |
Montebello has arranged to borrow about $16.5 million from a division of Sumitomo Bank to avert a financial crunch stemming from the city's involvement in Orange County's ill-fated investment pool. The funds will allow the city to pay an $11.4-million debt due in June and provide cash to avert immediate budget cuts, officials said. Currently, more than $30 million of city funds is frozen in the Orange County pool. The financing arrangement with Sumitomo Trust and Banking Co.
February 14, 1995 |
One of Orange County's oldest and largest investment banking firms kicked off its annual Valentine's week matchmaking fest for cash-hungry technology companies and potential investors by announcing that it has a new name. Walter Cruttenden III, chairman of what used to be Cruttenden & Co., said the name has been changed to Cruttenden Roth to mark the involvement of investor Byron Roth, who bought a 15% share of the company last year and became its president.