WPPSS Bondholders to Get Payments Soon: Nearly a decade after they began legal action in the largest municipal bond failure in U.S. history, 27,000 Washington Public Power Supply System bondholders will soon begin to collect on their holdings. The $504 million to be distributed is a partial payment to holders of bonds bought between Feb. 23, 1977, and June 15, 1983. An additional $147 million will go to Chemical Bank, the trustee, for future distribution to holders of WPPSS project No. 4 and No. 5 bonds. WPPSS is a consortium of public utilities that set out in the 1970s to build five nuclear plants for Northwest customers. Only one plant was completed.
From Times Staff and Wire Reports