December 20, 1994 |
How much is left in the Orange County investment fund-- really ? Salomon Bros. officials acknowledged Monday that they erred last week in their initial estimate of the value of the bankrupt fund's securities and the total amount of loans it owed. But they say the error does not change the most important number--the $5.03 billion that the brokerage figures to recover for fund investors by liquidating the portfolio's bonds.
December 19, 1994 |
In 16 years at Salomon Bros., William D. Rifkin has had a front-row seat to some of the best-known corporate takeovers and massive bankruptcies of the past decade. But being called in to help straighten out Orange County's multibillion-dollar financial mess was another matter. "I am used to looking at the balance and income sheets of a corporation. The finances of a municipality are completely different," Rifkin said in a recent telephone interview.
December 17, 1994 |
Salomon Bros. unloaded $1 billion in securities from Orange County's bankrupt investment fund on Friday--double Thursday's pace--while cautioning that the hardest sales lie ahead. In the second day of the court-approved liquidation process, Salomon auctioned longer-term conventional bonds with a principal value of $566 million, and also sold the first of the portfolio's complex "derivative" securities: $440 million in foreign bank-issued "structured" certificates of deposit.
December 14, 1994 |
Former state Treasurer Thomas W. Hayes, now a consultant to Orange County, and William D. Rifkin, a managing director of mergers and acquisitions with Salomon Bros. in New York, laid out their strategy Tuesday for liquidating the county's investment pool. When they are done, Rifkin promised, "it's all going to go."
December 31, 1993 |
The Securities and Exchange Commission said it fined Thomas Murphy $300,000 and permanently barred him from participating in Treasury auction bids. The agency took the action against Murphy for his role in a bidding scandal that rocked the Wall Street firm in 1991. In its complaint, the SEC alleged that Murphy submitted false customer bids in three auctions of Treasury securities and caused Salomon Bros. Inc. to create false records.