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IN RE COUNTY OF ORANGE

Nos. SA CV 96-1010-GLT [SF], Bankruptcy No. SA 94-22272-JR.

31 F.Supp.2d 768 (1998)

In re COUNTY OF ORANGE, Debtor. County of Orange, et al., Plaintiffs, v. Fuji Securities, Inc., Defendant.

United States District Court, C.D. California.

December 16, 1998.

Attorney(s) appearing for the Case

J. Michael Hennigan, Hennigan, Mercer & Bennett, Los Angeles, CA, for Plaintiffs.

Peter Aronson, Foley & Lardner, Los Angeles, CA, for Defendant.

AMENDED SUMMARY ADJUDICATION OF ULTRA VIRES ISSUES

TAYLOR, District Judge.

The Court holds that, although they may have been unwise, speculative, or unduly risky, the reverse repurchase transactions made by the Orange County Treasurer in this case were not, on the theories presented here, ultra vires and thereby void under pre-1995 law. There was authority to act. Errors in the exercise of that authority, even grave errors, were not ultra...

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