Lehman Bros. Redux

December 16, 2010

Today's SF Examiner is reporting on a "rival reorganization plan" filed by the County and others. I think that is a precursor to another lawsuit. Here's part of the story. Read it and weep:

“[Lehman] picked one pocket when they went bankrupt, and now they’re trying to pick our other pocket,” Chief Deputy County Counsel John Beiers said.

The county investment pool — which includes school districts, cities and special districts — held $155 million worth of Lehman securities when the firm declared bankruptcy in September 2008. The county’s loss was among the largest of any municipality nationwide, with K-12 schools losing a combined $37 million and SamTrans losing $25 million.

Good luck in bankruptcy court in NY.

Posted in County Issues, Schools

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