The Orange County Register’s Ronald Campbell reported yesterday that the County of Orange has sold off their holdings in the bankrupt Whistlejacket structured investment on Thursday for $72.4 million for a loss of $7.6 million. Whistlejacket had been in receivership since February 2008, 7 months after Treasurer-Tax Collector Chriss Street made his last two investments with the company.
Street last his investment authority earlier this year after losing a lawsuit which claimed he had mismanaged the End of the Road Bankruptcy Trust before he was elected Orange County Treasurer-Tax Collector.
County Chief Financial Officer Bob Franz told Campbell; â€œA 90.5 percent recovery on an investment that went into receivership is a significant achievement that resulted from careful monitoring and planning by our investment staff.â€
Read the rest of Campbell’s story here.