Last week I referenced a story in the OC Register by Ron Campbell about the failure of $80 million in “structured” investments the County has with a company called Whistlejacket.
Today, the Register’sÃ‚Â Ron CampbellÃ‚Â reports that Street’s Whistlejacket troubles are getting worse.Ã‚Â Whistlejacket is in receivership. A British court ruling indicates O.C. won’t get anything back until 75 other investors are paid.Ã‚Â The court ruled that the senior investors must be paid off as their investments mature.Ã‚Â If that were to occur, analysts indicate that the assets will be exausted long before the Orange County investment matures.
In February I asked Street’s spokesperson Keith Rodenhuis if the County were to try to dump $80 million in Whistlejacket investments is there any indication that there would be buyers out there willing to purchase at our investment value? “We are a ‘BUY AND HOLD’ office,” Rodenhuis said.Ã‚Â “We anticipate still getting back all of our principal investment.” According to Campbell’s report, they are still holding on to this “hope.”
Oh well, it’s only $80 million down a rabbit hole. Happy Easter!Ã‚Â