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

Submitted by Hinsdale Township High School District 86

Hinsdale Township High School District 86 today refuted the claim made by “The Chicago Tribune” that the District has lost the $1.19 million it invested in the Illinois Municipal Investment Fund (IMET). The story, “Suburbs, School Districts Lost Millions in Alleged Investment Fraud,” appeared inSunday’s paper.

District 86 Chief Financial Officer William Eagan has publicly provided updates on the investigation of the fraud that occurred at IMET as well as the status of the monies at several Board meetings this year.

“The Chicago Tribune got it wrong when they said that we lost $1.19 million,” said Mr. Eagan. “We have incurred no losses because there has been no write down on the investment. I fully expect that any residual value between the face value of the loan amount and assets recovered will be paid through the professional liability insurance policies of the financial companies involved. This investment is still earning interest and we expect to be repaid in full with interest. At this point, it is simply a liquidity problem while we wait for the assets to be sold.”

The monies involved represent 2.7 percent of the District’s total investments.

Mr. Eagan will address the topic at Monday evening’s Board meeting.

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