News Room
Pittsburg A.D. 88-3 Cures Default
By California Municipal Bond Advisor
July 1, 2003
What do they say about patience having its virtues? The defaulted City of Pittsburg A.D. No. 88-3 (Builders Industrial Park) Bonds that have appeared on our WatchList pages for a decade are being paid off, including past-due principal and interest. The iwc replica watches last debt service payment had been made on Sept. 2, 1993. (Not much has changed in the meantime-the state had a budget crisis then, it has one now.)
There is a big caveat. Pittsburg Equities, LLC, www.apreplicas.me which has bought the bonds through tender offers as part of a workout plan, holds $1.775 million of the remaining debt. So it's the biggest holder that will get paid off. A recent notice said other bondholders own $155,000 of the principal maturing from 1994 to 2002. They were getting paid an aggregate $275,511.11 once delinquent accrued interest was included from Sept. 1993 to June 12, 2003. Another $275,000 of bonds due from this September to 2009 also were getting $222,062.50 of delinquent interest. Funds are also being set aside to make an optional redemption call on September 2, 2003, at 103 percent. If holders have questions, call Marissa Segismundo at U.S. Bank N.A., (213) 533-8743.