Mountains of Debt : Orange County’s bankruptcy brings with it a complex repayment process. A look at which groups are owed money and how much has been repayed.
In millions of dollars. SCHOOLS: The county has pledged its best efforts to repay another $109 million it owes the schools, and will also return another $28.5 million of school money held in escrow by a federal agency. Total owed: $1,065 Repaid: $928
CITIES, SPECIAL DISTRICT-OPTION A: This group has been promised $330 million the county hopes to win from lawsuits against Wall Street firms; the $450-million balance is supposed to be repaid with Measure R money. Total owed: $3,700 Repaid: $2,900
CITIES, SPECIAL DISTRICT-OPTION B: This group will try to collect its $44-million balance through litigation against the county. Total owed: $187 Repaid: $143
BONDHOLDERS: The county had only $560 million set aside in reserves to repay these short-term debts, due this summer. It hopes to extend repayment date until next June. Total owed: $975 Repaid: $0
VENDORS: Total owed remains in dispute; the county estimates $100 million, but vendors’ figure is higher. Total owed: $100 Repaid: $0
PROFESSIONAL: Estimated fees for lawyers, accountants and consultants for 1995-96 is $40 million. Total owed: $19 Repaid: $7.5
OTHER DEBTS * $100 million owed: Trust accounts established by courts and advances from federal or state governments that must be repaid. * $240 million owed: Losses suffered by county-administered accounts.
PRICE OF ADVICE Financial advisers and lawyers providing bankruptcy-related expertise will cost nearly $19 million by June 30. Arthur Andersen & Co.: $5,300,000 Howrey & Simon: 3,600,000 Stutman, Treister & Glatt: 2,700,000 Wilkie Farr & Gallagher: 2,400,000 Murphy, Weir & Butler: 1,800,000 Salomon Brothers Inc.: 1,550,000 Chanin/Sutro: 670,000 Marschack and Goe: 350,000 Hawkins, Delafield & Wood: 266,086 Squire, Sanders & Dempsey: 230,750 CPT Group Inc.: 75,000
VOTING INFORMATION Some reminders for voting in the Measure R election on Tuesday, June 27: Polls: For location of your polling place, phone (714) 567-7600 Absentee: Tuesday is the last day to get an absentee ballot. Completed ballots must be mailed or turned in by end of Election Day, June 27 Mail absentee ballots: Orange County Registrar of Voters, P.O. Box 11298, Santa Ana, CA 92711
Source: Times reports; Orange County comprehensive settlement agreement
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