Monday, October 20, 2014
PLACERVILLE, CALIFORNIA
99 CENTS

Petition for a writ of mandate

By
March 29, 2014 |

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[1]             Orange County’s bankruptcy resulted from its treasurer-tax collector (Robert Citron) sinking much of the county’s investment pool in highly leveraged, risky investments in derivatives and various securities.  Rising interest rates caused the county to suffer losses; Citron chased his losses, borrowing $600 million, and by doubling-down based on his certainty that interest rates would recede.  Citron was wrong.  The net result?  Over $1.5 billion in losses in funds that belonged not only to the county but money from cities and other local agencies, chief among them school districts that were required to invest through the county’s investment pool.  Public Policy Institute of California, When Government Fails: The Orange County Bankruptcy 2-4 (March 18, 1998); New York Times, Orange County’s Bankruptcy: The Overview; Orange County Crisis Jolts Bond Market (Dec. 8, 1994), available at http://www.nytimes.com/1994/12/08/business/orange-county-s-bankruptcy-the-overview-orange-county-crisis-jolts-bond-market.html (visited March 23, 2014).

[2]             While Briggs’ statement refers to his service on various boards, he does not appear to rely on those positions, and he does not in any event state whether he served on any of the boards “for a continuous period of not less than three years.”  Nor do any of the boards listed on the statement qualify as similar to the designated positions in section 27000.7(a)(1).

[3]             See March 20, 2014, Declaration of William E. Schultz, Registrar of Voters of County of El Dorado in Opposition to Petition for Writ of Mandate, ¶¶ 4, 10, Sullivan v. Schultz, Placer Cnty. Super. Ct. Case No. S-CV-0034346, a true and correct copy of which is attached as Exhibit B to this petition.

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