Hinsdale D86 to Recover Some Funds from IMET Investment

Submitted by Hinsdale Township High School District 86.

Hinsdale Township High School District 86 reported that it has been notified by the Illinois Metropolitan Investment Fund (IMET) that IMET will issue a payment of recovered funds to the District next week.

Chief Financial Officer William Eagan received a letter from IMET indicating that the investment fund was able to liquidate some of the recovered assets and the proceeds from that liquidation will be disbursed in this refund.

Including this payment, District 86 has recovered five percent of its total balance invested in IMET.

“I’m excited to learn that IMET has been able to recover and will distribute $1.6 million this month,” said Mr. Eagan. “This disbursement combined with the previous disbursement means approximately five percent of our balance has been recovered in less than five months. This is substantive proof that a write down of this asset is premature and unwarranted. Recognizing that the wheels of justice turn slowly, I remain confident, based on what I know today, that we will recover 100 percent of our principal through asset sales and insurance coverage. I look forward to larger recoveries by IMET as they are able to sell the performing loans and hard assets.”

Earlier this week The Chicago Tribune erroneously reported that District had taken a loss on its $1.19 investment with IMET. The monies involved represent 2.7 percent of the District’s total investment portfolio.

• Read also: Hinsdale District 86 Refutes Chicago Tribune Report That D86 Lost $1.19 Million in IMET Investment

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