C.C.W.D. Seeks To Recover $1.5 Million From Lehman Bros. Collapse
San Andreas, CA — Not unlike Tuolumne County, the Calaveras County Water District is attempting to recoup almost $1.5 million lost in the collapse of Wall Street giant Lehman Bros.
CCWD Finance Director Jeffrey Meyer is in the process of filing a claim with the state of New York Bankruptcy Court.
Meyer says, “As far as the pecking order goes we´re in the upper third portion whenever they distribute whatever assets are out there. We´re senior unsecured debt so there will be a chance to get some money out of the Bankruptcy Court. However the final date for filing a claim is next July. I believer this process is going to take quite some time.”
The good news for CCWD; the agency also owned a $1.5 million bond with Citicorp that matured on Nov. 15 and that was paid in full two days later.
Written by Bill Johnson