WHAT HAPPENED TO THE SETTLEMENT MONEY AND DOES THE BOARD HAVE AN INVESTMENT STRATEGY?
At the time of the settlement Attorney Casselman circulates a request for proposal and based upon the response the investment firm of UBS Financial Services was selected. The money has been invested by UBS in a series of low to non-risk U.S. Federal Agency Notes and money market accounts. All investments made on behalf of LRF are “AAA” rated. The bonds were projected to mature at different times to coincide with monetary needs connected with the construction process. Any bond that matures and is not projected to be needed is simply rolled over to a new maturity date that is consistent with the construction schedule. The Board makes the decision on the liquidation of any particular bond, but UBS Financial manages the funds. Systems are in place so that no officer of the corporation has individual access to funds and oversight is in place at every step of disbursement.
