A lawsuit pitting Peninsula schools against the county could have wide-ranging impacts on campus construction projects.The loss of bond money means districts are either halting or cutting back on projects for new facilities, classrooms, campus modernization, energy efficiency and purchasing of up-to-date technology.
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San Mateo County is fighting for a bigger payout from the Lehman Bros. bankruptcy as officials aim to recoup some of the $155 million that Peninsula agencies lost when the investment bank went belly up. County officials are challenging Lehman’s existing plan for repaying some of the $1 trillion in claims from its creditors, which they say is unfair to public agencies because it gives large banks and foreign investors a bigger share of the firm’s assets.
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After more than six hours of testimony and questions from the House of Representatives Financial Services Committee, San Mateo County officials said that while they may not retrieve all of the money lost to Lehman Bros. investments, they are confident steps are being taken to address wrongdoings on Wall Street.
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Mary McMillan doesn’t give up a fight easily.
For two years, the San Mateo County deputy manager and other top officials have been petitioning the federal government for reimbursement of the $155 million lost in investments of the bankrupt Lehman Bros.
She and Chief Deputy County Counsel John Beiers will travel to Washington, D.C., to witness Tuesday’s hearing on potential fraud of the now-defunct investment firm.
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