Pennsylvania panel mulls how to clean up Devon mess and avoid another
- S&P lists possible losers in Pennsylvania probe. Demenchuk, Michael // Bond Buyer;10/03/97, Vol. 322 Issue 30244, p29
Discloses Standard & Poor Corp.'s list of credit it rates as among those school districts that lost a combined $71 million at the hands of Devon Capital Management of Tyrone, Pennsylvania.
- S&P affirms Chicago rating after querying Devon links. Williamson, Tammy // Bond Buyer;10/13/97, Vol. 322 Issue 30250, p25
Reports that Standard and Poor's Corp. affirmed its A rating of Chicago, Illinois in October 1997 after determining none of the city's funds were under the management of Devon Capital Management Inc. Freeze of the assets of John Gardner Black.
- In Devon aftermath, Moody's downgrades Northern Lebanon, Pa., school district. Demenchuk, Michael // Bond Buyer;01/16/98, Vol. 323 Issue 30312, p3
Reports that the first rating action related to Pennsylvania's Devon Capital Management Inc. scandal came when Moody's Investor Service downgraded the Northern Lebanon School District's general obligation rating. Loss of Northern Lebanon's construction fund balance with Devon; Circumstances...
- SEC freeze on $125 million of Devon funds lifted; Pennsylvania schools to benefit. Kruger, Daniel // Bond Buyer;05/13/98, Vol. 324 Issue 30392, p3
Discloses that a federal judge has lifted a US Securities and Exchange Commission-ordered freeze on approximately $125-million in assets connected to the fraud case against Devon Capital Management. Benefits of the court ruling to the Pennsylvania school districts defrauded by John Gardner...
- Devon scandal means more business for Pennsylvania's top three LGIPs. Hoffman, David // Bond Buyer;08/26/98, Vol. 325 Issue 30465, p1
Reports on how the Devon Capital Management collapse is proving to be a boon to Pennsylvania's three major local government investment pools (LGIP) as school districts and municipalities search for a safe place to stash their money. Increase in fund participants reported by the Pennsylvania...
- Picture still unclear for Pennsylvania school districts on investment losses. Demenchuk, Michael // Bond Buyer;10/06/97, Vol. 322 Issue 30245, p2
Reports on the US Securities & Exchange Commission's probe of Devon Capital Management for its role in the bond investment losses of Pennsylvania school districts. Meeting conducted by state officials to assess the progress of the investigation; Allegations against John Gardner Black, the owner...
- Ambac offers aid to Pennsylvania school districts hit by scandal. Demenchuk, Michael; Richtmyer, Richard // Bond Buyer;10/10/97, Vol. 322 Issue 30249, p3
Reports that Ambac Assurance Corp. has offered to provide loans to the 75 Pennsylvania school districts that may have suffered losses through their involvement with financial adviser Devon Capital Management Inc. Short-term loans for two years; Purchase of short-term bonds from the schools to...
- In Pennsylvania, Judge frees half of funds frozen in Devon capital case. Demenchuk, Michael // Bond Buyer;10/28/97, Vol. 322 Issue 30261, p3
Focuses on United States District Court Judge Brooks Smith's ruling on the case of Devon Capital Management against the US Securities and Exchange Commission (USSEC). Effort of seven school districts in filing a motion to intervene with the court; USSEC's claims against Devon Capital Management.
- Report says Devon may have shuffled investment funds. Demenchuk, Michael // Bond Buyer;11/04/97, Vol. 322 Issue 30266, p1
Reports the bond proceeds for 75 school districts lost by Pennsylvania financial adviser John Gardner Black of Devon Capital Management. Result of the investigation of trustee Richard Thornburgh on the missing proceeds; Accusation on Black for covering up losses from bond proceeds by the...