William J Popejoy

As a mortgage banker and president of several savings and loans and the Federal Home Mortgage Corp., known as Freddie Mac, William J. Popejoy has long been involved in housing issues. Last July, he and real estate developer Merrill Butler, whom he worked with while trying to save American Savings & Loan, formed a company to fund affordable housing and to buy loans from thrifts and banks. He spoke with Times staff writer James S.

William J. Popejoy, the businessman who helped extract Orange County from the worst local government bankruptcy in the nation's history, said Friday he will resign as director of the California Lottery next month. Popejoy, 60, appointed by Gov. Pete Wilson in April 1997 to run the $2-billion enterprise, said he intends to return to private enterprise, but has no specific job in mind.

The audacious bid Thursday by county Chief Executive Officer William J. Popejoy to oust Supervisor Roger R. Stanton left elected officials and political activists stunned, with some praising the move and others criticizing it as politically motivated. * "This is unprecedented in Orange County history," said Gary L. Granville, the county's veteran clerk-recorder. "I don't know anything that even comes close to this. . . . It's just so shocking."

In matters of government and commerce, he's becoming California's go-to guy in times of trouble. During the dismal days of the nation's savings and loan crisis, federal regulators brought in William J. Popejoy to run the country's most troubled thrift. A decade later, Orange County called on Popejoy to right the teetering county after it declared bankruptcy in 1994.

Popejoy to Discuss Recovery: Kicking off Cal State Fullerton's annual Business Week seminars, Orange County Chief Executive William J. Popejoy will talk Tuesday about plans for recovery from the bond fiasco that sent the affluent county into bankruptcy. He will be speaking at a luncheon to business executives, students, faculty and administrators in the first day of the annual event, which reunites students and faculty with alumni of Cal State's School of Business Administration and Economics.

Labor leaders said Friday that they received notice that County Chief Executive Officer William J. Popejoy has opted to abolish the alternate workweek for employees next month. Alternate workweeks allow for flexible schedules, such as working four 10-hour days or taking alternate Fridays off. Labor leaders, who have been invited to discuss the decision with county officials, reacted angrily to the news.

All Orange County residents lost Wednesday when William J. Popejoy announced his resignation as county chief executive officer. Unfortunately, Mr. Popejoy's kind of leadership is what the county needs, and his presence at the helm will be missed. His departure will only add to the leadership uncertainty that has plagued our county. There is a great disappointment that after seven months the supervisors have not come up with any viable solutions for the county's financial crisis. They have not provided the creative leadership and ideas to enable us to move forward and put December, 1994, behind us. Mr. Popejoy, you can only do so much; and then it finally feels good when you stop hitting your head against the wall.

Orange County Chief Executive Officer William J. Popejoy owns three houses worth more than $100,000 each and collects "more than $10,000" a year from two separate businesses, according to an economic disclosure form Popejoy filed recently with the county's registrar of voters. Popejoy said he has "no reportable interests" from personal investments or investments held by a business or trust.

Responding to a move by the Orange County Employees Retirement System to remove its funds from county authority, county Chief Executive Officer William J. Popejoy said Wednesday that he has no objection to the pension board managing its own affairs. "They should do what they think is in the best interest of the retirees," Popejoy said. Citing a lack of confidence in the county's leadership, the pension board voted Tuesday to withdraw retirement funds from the control of the county treasurer.

Wall Street observers Wednesday speculated that the stunning resignation of Orange County Chief Executive Officer William J. Popejoy could increase the pressure for a state takeover of the bankrupt county. "It looks like the supervisors are back into their same political game, and that is not a good message to be hearing," said Hugo Quakenbush, a spokesman for Charles Schwab & Inc., which holds $41 million in Orange County notes.

He doesn't like gambling. The only time he purchased Lotto tickets was a couple of years ago as a joke for his wife's birthday. But William J. Popejoy said he's looking forward to getting started Monday as director of the California State Lottery. He was appointed Tuesday to the post by Gov. Pete Wilson subject to Senate confirmation, which is not expected to be a problem.

William J. Popejoy, the blunt trouble-shooter who helped guide Orange County through its bankruptcy, has been selected by Gov. Pete Wilson to become the new director of California's lottery, The Times has learned. Popejoy, who begins work on Monday, succeeds Mary Anne Gilliard, the former prosecutor who has served as the lottery's interim director since July.

Merrill Lynch & Co. issued a statement Tuesday denying that it had offered to settle Orange County's $2-billion bankruptcy-related lawsuit last May when the firm's top executives met secretly with William J. Popejoy, who was the county's chief executive at the time.

In a secret effort to settle the county's bankruptcy-related lawsuit, Wall Street giant Merrill Lynch & Co. last May proposed a deal to pay bondholders $430 million and give the county an $800-million loan to pay off other creditors, according to documents made public Monday. The proposal called for Merrill Lynch and other Wall Street firms that did business with the county to help the county repay its debts, the documents show.

Former County Chief Executive Officer William J. Popejoy joined several government reform advocates Wednesday in endorsing a statewide ballot measure that would radically alter how campaigns are financed. The California Political Reform Act would limit the amount of money that candidates could collect, as well as ban contributions from some lobbyists and restrict the ability of incumbents to accumulate vast campaign war chests. Backers hope to place the initiative on the November, 1996, ballot.

The mercurial tenure of William J. Popejoy officially ended Monday with a few handshakes, a few goodbys and considerable reflection on his successes and failures as Orange County's first chief executive officer. "This may sound corny, but I'm pleased I had the opportunity to do this job for a while," Popejoy said shortly before stepping down from his post. But even he admits it's a job unfinished.