In re Orange County

183 B.R. 594 (1995)

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In re Orange County

United States Bankruptcy Court for the Central District of California
183 B.R. 594 (1995)

Facts

Certain government entities deposited excess funds with Orange County (county) (debtor), which invested the funds in two Orange County investment pools and an investment account (collectively, the OCIP) (debtors). In December 1994, facing numerous withdrawal requests from many of its more than 200 participants, the OCIP filed for Chapter 9 bankruptcy. The county also filed for Chapter 9 bankruptcy. Three OCIP participants (participants) (creditors) moved to dismiss the OCIP’s Chapter 9 case on the ground that the OCIP was not eligible for Chapter 9 because (1) it was not a municipality within the meaning of Bankruptcy Code (code) §§ 109(c) and101(40), (2) California did not specifically authorize it to file under Chapter 9, (3) it was not insolvent when it filed for bankruptcy, and (4) it did not engage in prebankruptcy negotiations with its creditors.

Rule of Law

Issue

Holding and Reasoning (Ryan, J.)

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